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Netwrix Reports Sharp Increase in Cyberattacks and Consequent Business Losses

Posted on May 2, 2024May 2, 2024 By Martin Hinton

In its latest report, Netwrix unveils the stark and growing menace of cyberattacks that have surged over the past year. The 2024 Hybrid Security Trends Report, distilled from a survey of 1,309 IT and security experts worldwide, exposes that a staggering 79% of organizations have been prey to cyberattacks in the last 12 months—marking an increase from 68% the previous year. The repercussions are dire, with nearly half of these organizations (45%) blindsided by unplanned expenses and a significant 20% suffering a crippling loss of competitive edge. The shadows of digital danger are looming larger.

The survey further highlights the financial impact of these security breaches. Seventeen percent of organizations reported financial damages exceeding $50,000. The proportion of entities without any financial impact from breaches has also decreased, dropping from 47% to 38%.

To counteract these risks, many companies are turning to cyber insurance. Currently, 62% of surveyed respondents either have or plan to obtain such a policy within the year. “Considering the high chances of a payout request, it’s no wonder the requirements for obtaining a policy have become stricter,” noted Dirk Schrader, VP of Security Research at Netwrix. Insurers now frequently require robust identity and access management solutions, which complicates an attacker’s ability to escalate privileges and move laterally within a network.

Other survey findings:
  • Phishing continues to be the dominant method of attack both on-premises and in the cloud, affecting 74% of those surveyed.
  • Instances of account compromise in the cloud have surged dramatically, rising from 16% in 2020 to 55% in 2024.
  • The occurrence of targeted attacks on premises has risen by 42%, now impacting 27% of organizations.
  • The prioritization of AI tools for IT security has seen significant growth. Some 28% of respondents now identify it as a key focus, up threefold from the previous year.

The growing sophistication and frequency of cyberattacks have not only increased direct costs but have also led to severe indirect losses such as decreased company valuations and legal challenges. Sixteen percent of the surveyed organizations saw a reduction in their company’s valuation, while 13% faced lawsuits due to cyber incidents—a significant jump from just 3% last year.

Netwrix’s Security Strategist, Ilia Sotnikov, emphasizes the expanding role of security awareness at the executive level, leading to more investments in audits to prevent future incidents. “As organizations recognize that security gaps can lead to more than just downtime and data loss, there’s a greater push towards understanding and mitigating these risks preemptively,” explains Sotnikov.

Artificial Intelligence

The report also sheds light on the challenges and opportunities presented by the integration of AI tools like Copilot in business processes, which necessitate stringent data access controls to mitigate security risks. As these tools become more embedded in everyday business operations, they bring a new set of security considerations that require vigilant management.

Get the full report here.

Source: Netwrix Annual Security Survey: 79% of Organizations Spotted a Cyberattack within the Last 12 months, up from 68% in 2023.

Other News: Do I Already Have Cyber Security Insurance? If You Have to Ask, the Answer is Probably “No.”(Opens in a new browser tab).

Cybersecurity, Cybersecurity Report Tags:AI, cyber liability insurance, cyberattack, Cybersecurity, netwrix

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