US businesses incurred $654 Billion loss from Cyber Attacks in 2018

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A recent survey made by ForgeRock says that businesses operating in the US incurred a loss of $654 billion due to cyber attacks in 2018. But the loss estimate doesn’t include the after effects caused by cyber attacks such as data loss, reputation loss, and reduced customer loyalty.

Healthcare industry happens to be the worst hit last year as over 48% of victims from the said industry sector fell victim to the security breaches exposing over 1.3 billion user records out of an overall total of 2.8 billion.

Statistics say that there isn’t any improvement in the figures in this year as well, as service breaches from the financial sector have recorded $6.2 billion loss in the first quarter of this year.

Although the burden of cyber attacks is falling directly on organizations, the problem actually arises from individuals. As data remains precious, hackers are seen using modernized tools to infiltrate into networks.

Here investment in information security products is also not yielding the expected results. In 2018 businesses invested around $114 billion on products to improve security. But that did not help in doing the damage control.

Note- Enterprises need to consider the modern day and intelligent authentication methods to keep their security posture up to date. That’s because the stats show that cyber crooks are showing no sign of slowing down in their deeds.