Barracuda report reveals financial drivers of cyber-attacks

Barracuda- Cybernomics 101 Report

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Barracuda Networks, a renowned provider of cloud-first security solutions, has recently released its Cybernomics 101 report.

The report delves into the intricate financial dynamics and profit motives that propel cyber-attacks.

The Barracuda report

According to the report, organisations face an average annual cost exceeding US $5m when responding to compromises.

A concern highlighted in the report is the growing exploration by hackers into the utilisation of generative AI (GenAI) technology.

This advancement may potentially elevate the volume, sophistication and effectiveness of cyber-attacks.

Alarmingly, 50% of respondents anticipate that AI will empower hackers to execute more attacks.

Commissioned by the company, the Ponemon Institute conducted the research, surveying 1,917 IT security practitioners globally, managing security functions for companies with 100 to 5,000 employees across diverse industries.

The report delves into the insights provided by ethical hacker respondents, focusing on prevalent attack vectors and their potential appeal to attackers.

The significance of proactive measures

Furthermore, it identifies the practices of ‘High Performers’—organisations demonstrating effective cybersecurity measures as models for success.

The report emphasises the significance of proactive measures, advocating for a platform-based security approach rather than relying on disparate tools.

It suggests implementing privileged access rights to safeguard sensitive data and emphasises the necessity of a well-rehearsed security incident response plan.

“The harsh reality of suffering a data breach”

Fleming Shi, CTO, Barracuda noted: “While the Cybernomics 101 research underscores the harsh reality of suffering a data breach, it also underscores that organisations are not powerless.”

Shi encourages proactive monitoring and attack detection to mitigate the impact and cost of incidents, emphasising the importance of preparation in facing evolving cyber-threats.

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