Cyber Attacks Cost Companies an Average of 1 Million Dollars
From the perspective of the security service provider Kaspersky, damage costs and investments in cybersecurity are therefore almost on par.
Medium-sized companies in Germany are responding to the increasing complexity of cyber threats by boosting their investments in cybersecurity. According to the latest IT Security Economics Report from Kaspersky, budgets for IT security are set to increase by up to 9 percent over the next two years. Overall, the average IT budget will amount to 5.9 million US dollars, of which 1.07 million will be spent specifically on cybersecurity.
According to the study’s authors, one possible reason for the increased investment could be the financial losses resulting from cyber incidents. Despite advanced security infrastructures, the complexity of IT environments and the growing threat landscape make companies more vulnerable to security breaches.
An Average of 13 Incidents Per Year
While companies are often able to detect incidents quickly, the full response and containment of such threats often take several hours. For example, companies in Germany recorded an average of 13 security incidents this year, with the resulting follow-up costs totaling approximately 1.06 million US dollars.
This expenditure corresponds to almost the entire annual median investment that companies allocate to their cybersecurity efforts. In light of these challenges, companies in Germany are planning to increase their IT security budgets by up to 9 percent over the next two years.
“These figures illustrate the continuing trend toward increasing investment in cybersecurity across all market segments,” comments Veniamin Levtsov from Kaspersky. “The increasing complexity of the threat landscape is forcing companies to implement more advanced security solutions in order to detect attack patterns early and respond quickly.” In addition, growing demands for digital sovereignty and stricter regulatory requirements are prompting companies to expand their security measures, Levtsov continued. Last but not least, rising salary demands for experts in the field of cybersecurity are further increasing personnel costs in this critical sector.
