Security News > 2023 > April > Quantifying cyber risk vital for business survival

Healthcare, manufacturing, and utilities are suffering long-term financial impact of major cyber attacks, according to ThreatConnect.

"With the National Cyber Strategy coming out of the White House focusing on decreasing cyber risk from critical infrastructure and the new SEC Cyber Proposals, organizations across industries are now being tasked with reporting on cyber risk," said Jerry Caponera, GM of Risk Quantification, ThreatConnect.

"Organizations are finally waking up to the fact that the impact of ransomware and other cyber attacks are more than just the moment in time. The financial implications are far reaching and creating barriers for companies to continue operations after these attacks," concluded Caponera.

Quantifying cyber risk is business-specific, and organizations must assess what type of loss they may face, which includes revenue, remediation, legal settlement, or otherwise.

According to a recent IBM report, the manufacturing sector was the most targeted sector for ransomware cyber attacks and the most extorted industry in 2022.

President Biden's National Cyber Strategy will increase regulation on utilities companies in an attempt to mitigate the increasing threat of a catastrophic cyber attack.

News URL

https://www.helpnetsecurity.com/2023/04/19/cyber-attacks-financial-impact/