Technology / #ForbesTechnology

July 9, 2019,   4:48 PM

Cyber Breaches Cost More Than $45B Globally Last Year

Amany Zaher


cyber crime

Image source: Flickr

According to a new  report by  Online Trust Alliance (OTA), there were over two million cyber incidents globally in 2018, costing over $45 billion.

Overall breaches and exposed records were down last year, but the financial impact of ransomware rose by 60%, losses from business email compromise doubled, and cryptojacking incidents more than tripled.

The OTA’s report also found that  95% of all breaches could have been avoided through simple and common-sense approaches to improving security.

“While it’s tempting to celebrate a decreasing number of breaches overall, the findings of our report are grim. The financial impact of cybercrime is up significantly and cyber criminals are becoming more skilled at profiting from their attacks,” said Jeff Wilbur, technical director of the Internet Society’s Online Trust Alliance. “So, while there may be fewer data breaches, the number of cyber incidents and their financial impact is far greater than we’ve seen in the past.”

The report noted a steep rise in supply chain attacks, business email compromised and cryptojacking.

Meanwhile, as companies are invest more heavily in cyber protection measures, criminals are shifting their focus to new targets such as  cryptocurrency breeds, deceptive email, and attacks via third parties.

According to a survey conducted by PwC, 72% of CEOs worldwide said that their companies may be affected by geopolitical cyber activity, while 38% of business leaders are very comfortable that their company is staying current on cybersecurity defenses.

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