Barracuda’s New Cybernomics 101 Report Uncovers the Financial Forces Driving Cyberattacks

Fifty percent of respondents believe AI will enable hackers to launch more attacks.

Cybernomics 101 report

Highlights:

  • New research from Barracuda shows that 50% of respondents believe AI will enable hackers to launch more attacks.
  • Of those surveyed, the average annual cost to respond to compromises was $5.34 million.
  • The survey also identified 71% of respondents had experienced a ransomware attack over the last year, and 61% paid the ransom.

Barracuda Networks, Inc., a trusted partner and leading provider of cloud-first security solutions, published its Cybernomics 101 report, which examines the financial forces and profit motives behind cyberattacks. The new report reveals the average annual cost of responding to compromises exceeded $5 million. The report also raises the alarm over hackers exploring how they can use generative AI (GenAI) technology to increase the volume, sophistication, and effectiveness of their attacks. 50% of respondents believe AI will enable hackers to launch more attacks. The survey also identified that 71% of respondents had experienced a ransomware attack over the last year, and 61% paid the ransom.

Barracuda commissioned independent research firm Ponemon Institute to poll 1,917 IT security practitioners who manage their organization’s IT security functions or activities. They represent companies with 100 to 5,000 employees across various industries in the U.S. and a number of EMEA and APAC countries.

The report offers insight from survey respondents who identified as ethical hackers on the most widely used attack vectors and which of these might offer the greatest return for attackers.

The research identifies the behaviors and proven security measures implemented by ‘High Performers’ that can serve as models for success. The report presents best practices that will help any organization become more effective in identifying, containing, and recovering from attacks. They include adopting a platform approach to security rather than relying on a collection of disparate individual security tools or solutions, implementing privileged access rights to ensure that sensitive data remains accessible only to authorized individuals, and creating (and regularly rehearsing) a security incident response plan.

“While the Cybernomics 101 research underscores the harsh reality of suffering a data breach, it also underscores that organizations are not powerless,” said Fleming Shi, CTO, Barracuda. “Proactive monitoring and attack detection to prevent progression to more severe stages like data exfiltration or ransomware is key. By preparing for these scenarios today, organizations can significantly reduce the impact and cost of these incidents.”

Resources:

Get a copy of the report: https://www.barracuda.com/cybernomics

Check out the blog post: http://cuda.co/blg012424a

Register for the webinar: http://cuda.co/wbr021424

Methodology

Ponemon Institute surveyed a total of 1,917 IT security practitioners in the United States (522), the United Kingdom (372), France (329), Germany (425), and Australia (269) in September 2023. The final sample of respondents represented enterprises with a headcount between 100 and 5,000. All respondents are involved in the management of their organization’s IT security functions or activities.

About Barracuda

At Barracuda we strive to make the world a safer place. We believe every business deserves access to cloud-first, enterprise-grade security solutions that are easy to buy, deploy, and use. We protect email, networks, data, and applications with innovative solutions that grow and adapt with our customers’ journey. More than 200,000 organizations worldwide trust Barracuda to protect them — in ways they may not even know they are at risk — so they can focus on taking their business to the next level. For more information, visit barracuda.com.