Financial Toll of Cyberattacks Is Likely to Increase
(MENAFN) The financial repercussions of cyberattacks are anticipated to soar to USD10.5 trillion annually by 2025, compelling governments and businesses worldwide to significantly boost their cybersecurity investments, according to an expert in the field.
Senad Aruc, the founder and CEO of the security operations firm Imperum, based in the Netherlands, shared with a news agency that while the cybersecurity industry is expanding, the threats are evolving just as rapidly—and becoming more expensive.
He emphasized that “Cybersecurity investments are not a cost but necessary investments.”
Aruc further explained that the average cost of a data breach is estimated to be USD4.45 million, as per IBM’s 2023 report.
This statistic suggests that the funds allocated to cybersecurity essentially pay for themselves in the short term by preventing future financial losses.
Fuelled by the global acceleration of digitalization, the cybersecurity sector has emerged as one of the fastest-growing industries worldwide.
Experts note that attacks like ransomware, data breaches, and disruptions to critical infrastructure now represent risks not only to business operations but also to public safety and national security.
Aruc pointed out that awareness and readiness are equally crucial as technological advancements.
While AI-driven solutions are drawing attention, he stressed that “user behavior is still a key component of keeping systems secure.”
He referred to the April cyberattack on the UK retailer Marks & Spencer, which led to a loss of USD931.2 million in market value.
Aruc also mentioned the 2017 NotPetya attack, which temporarily disabled the global logistics leader Maersk and resulted in over USD10 billion in damages.
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