Cyber attacks usually lead to long-term financial hardship

"Three out of four organizations have been affected by at least one cyberattack, according to research by Cohesity. Not only that, but 70 percent of publicly traded companies had to adjust their financial guidance or projected earnings afterwards. Private companies saw their innovation budgets cut in order to increase their security levels. Incidents therefore have a clear financial impact. Cohesity found that 76 percent of companies have experienced at least one cyberattack with a measurable impact."

"Further research shows that incidents usually have consequences on multiple fronts. Listed companies saw their share price fall by 68 percent after an attack. Private companies chose to spend 73 percent of their innovation budget elsewhere, often on security solutions. In addition, 92 percent of respondents have to take legal consequences into account. Cohesity CEO Sanjay Poonen emphasizes that cyberattacks affect all layers of a company."

Three out of four organizations have been affected by at least one cyberattack, and Cohesity found 76 percent of companies experienced at least one cyberattack with a measurable impact. Seventy percent of publicly traded companies adjusted financial guidance or projected earnings after attacks. Private companies redirected innovation budgets toward security, with many cutting innovation spending to increase security levels and choosing to spend 73 percent of innovation budgets elsewhere. Listed companies saw their share price fall by 68 percent following an attack. Ninety-two percent of respondents factor legal consequences into responses. Many firms underestimate intangible harms to reputation, customer loyalty, and productivity. About 47 percent of leaders fully trust their resilience strategies, while the majority remain uncertain. Security leaders also identify generative AI as a rapidly advancing challenge.

Read at Techzine Global