Ransomware Costs US$8 bn to Organizations in 2017: IBM

Published By : 04 Apr 2018 | Published By : QYRESEARCH

The whole world was completely engulfed by cyber-attacks in 2017. However, the number of records breached went down around 25%, the last year, all thanks to ransomware attacks, such as NotPetya, WannaCry, and Bad Rabbit, which stole the show. IBM, in its Threat Intelligence Index report, stated that these attacks costed around US$8 bn to organizations across the world by triggering loss of productivity and business. The report is a compilation of data assessed using protected endpoints and servers across around a hundred countries. According to the report, over 2.9 billion records were breached in 2017, relatively lesser than 4 billion reported in 2016. The report, interestingly, also highlights that hackers are now exploring newer opportunities. For the second time, financial services was hit by a majority of the security incidents. However, the industries, such as manufacturing and ICT were also more impacted this time than before.

Further, the report stated that cybercriminals continued getting benefitted from human error and infrastructural faults to roll out attacks. For example, inadvertent activities, such as a misconfigured cloud infrastructure, caused the exposure of almost 70% of all the compromised records. Evidently, there is an increasing awareness among cybercriminals about the presence of misconfigured cloud servers, owing to which, 2017 witnessed an unbelievable 424% rise in records breached via misconfigurations in cloud servers. Furthermore, individuals were also enticed through phishing attacks that accounted around 33% of inadvertent activity, including users opening an attachment or clicking on a link laced with malevolent code, generally shared using a spam campaign rolled out by cybercriminals.

Back To Top