Barracuda Networks has released its Cybernomics 101 report, which examines the financial forces and profit motives behind cyber-attacks.
The new report reveals the average annual cost of responding to compromises exceeded $5 million.
The report also raises the alarm over hackers exploring how they can use generative artificial intelligence (GenAI) technology to increase the volume, sophistication and effectiveness of their attacks.
Barracuda commissioned independent research firm Ponemon Institute to poll 1,917 IT security practitioners who manage their organization’s IT security functions or activities.
They represent companies with 100 to 5,000 employees across various industries in the US and a number of EMEA and APAC countries.
50% of respondents to the survey said that they believe AI will enable hackers to launch more attacks.
The survey also identified that 71% of respondents had experienced a ransomware attack over the last year and 61% paid the ransom.
According to the company, the report presents best practices that will help any organization become more effective in identifying, containing and recovering from attacks.
These include adopting a platform approach to security rather than relying on a collection of disparate individual security tools or solutions, implementing privileged access rights to ensure that sensitive data remains accessible only to authorized individuals and creating (and regularly rehearsing) a security incident response plan.
“While the Cybernomics 101 research underscores the harsh reality of suffering a data breach, it also underscores that organizations are not powerless,” said Fleming Shi, CTO, Barracuda.
“Proactive monitoring and attack detection to prevent progression to more severe stages like data exfiltration or ransomware is key.
“By preparing for these scenarios today, organizations can significantly reduce the impact and cost of these incidents.”