The average cost of data breaches is expected to surpass $5m per incident in 2023 according to a new study by cyber security and data protection company Acronis.
Acronis End-of-Year Cyberthreats Report reveals that phishing and malicious email threats have risen by 60% and the use of newer phishing methods such as multi-factor authentication fatigue attacks is also on the rise. Social engineering attacks have also increased accounting for 3% of all attacks.
The report provides an analysis of the cyber threat landscape including ransomware threats, phishing, malicious websites, software vulnerabilities and a security forecast for 2023.
Acronis vice president of cyber protection research Candid Wüest said malicious actors continue to use the same proven playbook for big pay-outs.
"Organizations must prioritize all-encompassing solutions when looking to mitigate phishing and other hacking attempts in the new year."
Mr. Wüest said businesses need to re-evaluate their security strategies as the technologies used by threat actors keep evolving.
The report found that ransomware retained the top spot as the biggest threat to businesses including government, healthcare, and education. Phishing and malicious emails also remain successful.
Between July 2022 and October 2022, phishing emails accounted for 76% of all email attacks, up from 58% in the first half of 2022. The most email-borne-attacked industries are construction, retail, real estate, professional services (computers and IT) and finance.
The report also highlights the fact that zero-day vulnerabilities and old unpatched vulnerabilities still carry the highest system compromise risk.