Unmasking the True Cost of Cyberattacks: Beyond Ransom and Recovery

Cybercrime is projected to cost the global economy $10.5 trillion annually by 2025, with hidden costs including loss of revenue and business disruption. Increased cybersecurity breaches are also straining customer and supplier relationships and raising insurance premiums. A significant cause of these breaches is human error, with 88% of data breaches within organizations traceable to employee mistakes. Consequently, businesses should improve their digital literacy and vigilance within organizations and adopt multi-layered cybersecurity approaches.