If a person visits his favorite store that suffers cyberattacks frequently, he might think that someone stole his wallet. These types of data breach or cyberattack, the sense of fear, isn't new to the users. The rise in number of attacks, impact and the cost of these breaches, however, are new, customers notice. In today's date, a customer is up-to-date about these attacks, compared to earlier times. They affect the customers directly more in present times after all, like when threat actors steal personal data from a big organization.
How do the customers think about such attacks?
When threat actors target organizations, consumers pay the cost too. In simple terms, customer suffers from the price increase of goods and services. "When attackers sell customer data on the dark web and other criminals buy that data, they can turn an enterprise attack into hundreds of others. It can spin off into credit card fraud, identity theft, and a world of social engineering scams. Cyberattacks may strike once, but identity- and personal data-related fraud is forever," reports Security Intelligence.
Cyberattacks affect costs because of ransomware payments, lawyer fees, increased insurance rates, cost of returning everything back online, and operational failure. The costs are paid by the companies, but at the last, the customers have to pay the prices. The costs of these attacks are increasing every year. According to Sophos survey, the average cost of a ransomware attack, for example, was $1.85 million in 2020 — double the previous year.
The future keeps getting dark, cyberattacks costs across the world are said to increase by 15% per year for the next five years, said to reach $10.5 trillion per year by 2025, as per the cybersecurity experts. The rise is in the cost of doing business, which will affect the customer prices. According to Security Intelligence, "the rise in cyberattacks on businesses has heightened consumer worries in the past year. Some 44% feel more at risk from cybercrime than they did before the COVID-19 pandemic began, according to the Norton survey."
