Cyber hackers are attacking more companies than ever before

The U.S.-based software firm Netwrix has recently released its yearly report on hybrid security trends. Based on the report, it can be seen that almost 2/3 of the firms, which account for 68 percent, have been hit with a cyber attack in the past 12 months.

The report was based on data collected from almost 1,610 information technology experts belonging to 106 different countries. The responses were later compiled in the report. Along with the increasing number of targeted companies, the report also revealed that sixteen percent of the targets calculated their financial losses to be over fifty thousand dollars. In addition to this, 2 in 5 companies were forced to cover unwanted expenses, whereas almost 10 percent faced other problems as well, including declining progress, high competition, or not being able to do well in sales.

In response to the increasing cyber attacks, many companies have started to contact insurance companies. The research company has warned people that they need to take more steps in order to secure protection from such threats. While 44 percent of the companies are already insured, 15 percent are considering getting insured by next year. Almost 22 percent of the insured companies were asked by their respective insurance firms to update their cybersecurity status so they could continue with the firm.

According to Dirk Schrader, Vice President of the research company, insurance companies can help cover the financial losses incurred due to successful cyber attacks, but at the same time, they are not a permanent solution to the issue as the data that has been lost or the company’s reputation cannot be brought back.

Hackers are focusing more on attacking systems that are physically located within a company rather than going against cloud-based systems. This is true for ransomware attacks, where there are almost twice as many malicious files available on physically present systems as compared to the cloud.

This is because it is easy to target these systems because the malware can be spread quickly. Since cloud-based systems have more limited privileges and rights, it makes them more secure, and hence attackers prefer going after targets that are easy to attack.

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by Arooj Ahmed via Digital Information World