The cost of cyber attacks is on the rise. Hackers are demanding greater ransom payments than previously and those targeted have little choice but to pay the price. Latest research shows that while the number of attacks appears to have stabilised, the cost to organisations is up by nearly 200% since early 2022.
When it comes to ransom, companies are paying on average $3.2 million. But what’s most alarming, is the demand for these payments. Since 2022, the frequency of ransom payouts has risen by more than 350%.
But it is not all doom and gloom. There has been progress in addressing cyber security concerns. 83% of shoreside employees at shipping companies believe that their organisations regularly conduct cyber training and drills.
Research conducted by Thetius in collaboration with CyberOwl and HFW suggests that there is a new approach towards managing cyber risk. However, the industry remains an easy target and finding new ways to outsmart cyber criminals is an ongoing task.