The Economic Impact of Cyberattacks
The financial sector is among the hardest hit by cyberattacks, with an average cost of $5.9 million per incident in 2023, surpassing the global average of $4.45 million per breach. These attacks not only cause direct financial losses but also increase the cost of products and services offered to consumers. Small and medium-sized businesses, in particular, have experienced a significant increase in security breach costs compared to previous years.
The nature of these attacks has also evolved. While ransomware accounts for 63% of attacks on financial institutions, there has been an increase in the use of sophisticated malware such as banking trojans and spyware. These attacks not only compromise customer information but can also paralyze entire operations, as seen in the ransomware attack on Bank of Indonesia in 2023.
The Delay in Detection and Containment
Another key factor is how quickly financial organizations can identify and contain a breach. According to a recent report, the average time it takes companies in the financial sector to identify an attack is 207 days, and it takes another 73 days to contain it. This prolonged period leaves organizations vulnerable, allowing attackers to access millions of records before corrective actions are taken.
More Vulnerable Sectors and Rising Costs
When analyzed by sector, the financial industry remains an attractive target due to the volume of sensitive data it handles. The costs of security breaches increase exponentially with the size of the attack. For example, a breach compromising more than 50 million records can result in losses exceeding $300 million.
Supply chain cyberattacks, where hackers exploit vulnerabilities in third-party providers, are also on the rise. These indirect attacks can affect multiple companies at once, increasing recovery costs for all parties involved.
Key Data in Figures
| Metric | Value |
|---|---|
| Average cost per breach in financial sector | $5.9 million |
| Global average cost per breach | $4.45 million |
| Average time to identify a breach | 207 days |
| Average time to contain a breach | 73 days |
| Ransomware increase in 2023 | 63% |
Creating Solutions
In response to this landscape, the implementation of automation and AI technologies in cybersecurity has proven to be one of the most effective investments, generating savings of up to $850,000 per incident by reducing the time to detect attacks. In addition, organizations that have implemented robust incident response teams have managed to reduce their costs by an average of $2 million.
How Can We Help?
Our company specializes in protecting financial organizations from these growing risks. We offer solutions for vulnerability analysis, early detection, and comprehensive protection against cyberattacks, helping reduce operational and financial costs.
Additionally, our training helps development teams adopt good security practices, ensuring that applications are secure from the outset. By integrating from the beginning of the software development cycle, we ensure that cybersecurity risks are minimized, offering protection that not only saves costs but also provides long-term peace of mind.
With our support, your organization will be better equipped to face modern cybersecurity challenges, protect your customers' critical data, and maintain a secure and efficient operation.
