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  • Writer's pictureAudrey Fontelas

What are the impacts of cyber attacks on organizations?

Cyber attacks on organizations are on the rise worldwide. We can see this growth in the survey conducted by Check Point Research, attacks on a global scale increased 28% in the third quarter of 2022.

The trends for the year 2023 in the area of information security point to an increase in the number of cyber attacks, especially by ransomware attacks, according to Kaspersky.

Among the consequences that attacks can cause within organizations are the financial impacts, considered one of the main objectives of hackers after applying attacks.

According to research by Statista, the annual cost of cybercrime could increase by up to 40% and reach $11.5 trillion by 2023.

Thus, organizations may be more likely to suffer major financial impacts, directly affecting the company's internal economy.

However, there are other concerns within the corporate environment besides financial losses, such as having a tarnished reputation and losing big business.

However, there are ways to decrease the chances of a successful cyber attack against your organization and thus avoid the consequences.

Are all organizations subject to financial impact?

According to Helder Ferrão, Security Solutions Manager at Akamai Technologies, organizations or areas that are in the limelight on the world stage can become the main target of hackers within weeks.

We can notice that when the Covid-19 pandemic was on the rise in the world, the healthcare sector suffered a few cyber attacks in a row.

According to a report by Sophos, healthcare has suffered constant cyber attacks in recent years. There was a 94% increase in attempted attacks between the years 2021 and 2022 in the United States.

Still, according to Helder, suffering a cyber attack is a matter of time and the leaders of the organizations think about it frequently.

In this way, organizations all over the world are subject to suffer attack attempts.

Sophos also pointed out that 50% of the organizations interviewed had experienced a cyberattack in the last two years and 41% had experienced a ransomware attack.

Another sector that has suffered from cyber attacks in recent months is education and research, according to Check Point Research, with a 114% increase in the number of attacks.

In addition to the sectors mentioned, the area of communication has also suffered from attacks. According to the report produced by Check Point Research, in 2022 there were 1,380 attacks per week, resulting in a 27% increase compared to the same period in 2021.

Different areas are suffering from cyber threats.

Consequences of an attack on a company's reputation

People need to feel safe with organizations that are ensuring the security of their data. Therefore, when a data leak occurs people may doubt the company's ability to keep their information secure.

This can lead to a possible breakdown in trust between people and organizations. Thus, causing possible damage to their reputation and well-being.

To preserve the well-being of organizations, reputation needs to be clean, transparent, and convey trust to everyone.

What have been the most recent cases involving financial impacts and reputational damage?

There are some cases that portray the financial or reputational loss of organizations after the cyber attack, such as a social network that was fined $276 million for leaking the personal data of 533 million people who use the social network.

However, some people ended up deactivating their social network accounts for fear of having their information leaked on the Internet.

Another case occurred when a car manufacturer was the target of a ransomware attack, where hackers managed to steal people's information such as names, email addresses, and phone numbers.

The criminals demanded a ransom, but the company did not report whether there was a payment to the criminals.

In addition to the cases mentioned, an organization that provides equipment, services, and software for semiconductor manufacturing lost $250 million after a ransomware attack hit the supply chain of one of its suppliers.

It halted production of the equipment, crippling some parts of the organization.

How to decrease the chances of a successful attack in the organization?

There are a few ways to avoid the consequences of a cyber attack, such as strengthening and increasing the security of your organization's operating system.

In this way, the information security team is able to strengthen the security barrier and decrease the chances of a cyber threat overtaking and breaching security.

Another way to increase the security barrier is to make the people who are acting within the corporate environment an ally of data security.

In many cases, people become a gateway for criminals to access the organizations' operating system. According to a report released by the World Economic Forum, 95% of cybersecurity breaches are caused by people.

To change this scenario, organizations need to implement an awareness program for people about the cyber risks that exist in the digital world.

Thus, being able to decrease the chances of cyber attacks against your organization and strengthen security.

In addition to implementing security policies within organizations, such as the zero trust policy and the ambassador program. Both programs aim to improve and secure security within organizations.

The PhishX ecosystem can help make people an ally against cyber threats.

PhishX is an ally in the process of making people aware

So that your organization does not suffer from financial impacts and reputational damage after cyber attacks. Why not be safe and secure?

Prioritize people's awareness of cyber threats within organizations.

We can help your information security team in the process of implementing people's awareness of cyber risks within your organization.

We bring the information and help you raise people's maturity so that in the future they can be allies in ensuring data security.

In the PhishX ecosystem, you can individually track the awareness process of your people with comprehensive data and reports. In this way, leaders will be able to measure the risks their organization faces in case it is attacked by hackers.

In addition, you can conduct customized phishing campaigns and drills.

It is also possible to send out press releases, notices and documents for signatures through our platform.

 In the background of the image we have puzzle pieces with one piece out showing money bills. In the front of the image we have the caption "What are the impacts of cyber attacks on organizations?"
What are the impacts of cyber attacks on organizations?

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