How much does a cyberattack cost companies?

The Cyber Preparedness Report 2022 states that last year, half of the Spanish companies (51%) fell victim to cyberattacks more than 84 times.

Furthermore, the average cost of a cyberattack in 2021 was 105,655 euros. This figure is significantly higher than the global average (78,409 euros).

Neglecting cybersecurity comes with a price, and it continues to increase every year due to the emergence of new technologies, such as Artificial Intelligence. Thanks to its sophistication, cyberattacks can be almost imperceptible without the right knowledge or appropriate security measures, and they have a high success rate.

As for ransomware attacks, companies can end up paying around 20,000 euros. Additionally, we cannot overlook the fact that 60% of Spanish companies agreed to pay the ransom for data recovery. The problem arises when companies give in to the ransom demands as they become more susceptible to further attacks.

However, the cost of a cyberattack doesn't stop at the ransom demanded by cybercriminals in exchange for returning stolen information. Other types of costs and consequences must be taken into account in case of a cyberattack.

Costs to consider in case of a cyberattack:

• Hiring cybersecurity and IT services specialists.

• Implementing cybersecurity measures to prevent future threats.

• Employee awareness and training.

• Investment in hardware and software.

• Fines and penalties for data loss or data breaches (depending on the magnitude of the cyberattack).

In addition to these financial costs, there are other consequences resulting from experiencing a cyberattack that can be detrimental to the company in the long run, such as:

• Brand reputation: A tarnished reputation can lead to the loss of customers.

• Direct impact on the company's solvency. Many companies, after paying such ransoms, are forced to shut down.

• Loss of customer trust.

• Reduced opportunities to attract investors and shareholders.

  According to this article from El Español, a cyberattack can cost companies nearly 5 million euros in a single day. On the other hand, protecting your company with cybersecurity solutions costs less than 25,000 euros per year.
  
  

  And you, what do you prefer?

  Having an internal or external cybersecurity department and implementing IT security solutions is the key to avoiding paying these exorbitant amounts to recover what is rightfully yours. It is also important to consider that paying the ransom demanded by cybercriminals is not a guarantee of recovering the information.

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