About half of businesses have experienced a cyberattack in the past few years, costing them an average of nearly $3 million per incident.
Splunk surveyed more than 1,200 security officials from nearly a dozen countries about their experiences with cybersecurity tools and incidents, and found that 49% had experienced a data breach in the past two years. up 39% over the previous year.
Meanwhile, four in five (79%) said they had experienced a ransomware attack on their devices, while a third (35%) said at least one such attack resulted in a loss of data and a denial of service.
Rising Costs of Data Breaches
The increasingly hostile cyber environment has prompted companies to invest more in security, but this has a side effect. The report says 59% of security teams were forced to spend “significant amounts of time and resources” on remediation, up from 42% a year ago. At the same time, nearly two-thirds (64%) said it was difficult to keep up with the new requirements.
When it comes to downtime and cost, the average cost of downtime is around $200,000 per hour. An average cyber incident takes 14 hours to repair, bringing the total amount to $2,800,000 on average.
Complicating matters further is the big resignation, the report also found. Many people have decided to change jobs during the pandemic, and with the continued skills shortage, most organizations have found themselves looking for talent.
Three-quarters (76%) of respondents said their team members have been forced into roles they weren’t ready for, while 70% said this new workload made them think to change jobs.
A similar percentage (73%) said burnout forced them to quit their job.