Cybersecurity breaches and ransomware attacks in particular are costing organisations a fortune. It is estimated that the cost of the damage caused by cybersecurity incidents and their responses exceeded $20 billion USD in 2021, with that number rising even higher in 2021. On a per organisation level, according to data from Dragos cybersecurity, the average cost per incident whether involving a payout or not is roughly $2 million USD.
The most vulnerable sectors would appear to be those directly related to energy - namely, oil refineries, power plants, and pipelines. The Colonial Pipeline ransomware attack in 2021 set the company back more than $4 million USD in ransom alone, nevermind the economic costs caused before they could recover their systems and resume operations effectively.
In response to the increasing rate of attacks and daring on the part of hackers, it's hardly a surprise that insurance companies have taken notice. According to a recent report by Dive, insurance companies are "very concerned" at the potential for hackers to disrupt utilities and critical infrastructure in the USA. As a result, insurance premiums for energy providers in particular are being raised by double or even triple digit amounts.
Indeed, there is a growing concern that in 2022 we will see yet again a record number of ransomware attacks along with payouts made to recover locked out systems and data breaches. This will lead to a continued increase in insurance costs and other premiums.
Of course, as more organisations focus on their cybersecurity operations, issues of scaling come into effect. It is estimated that industrial tier enterprises often employ more than a 100 unique security tools to secure their operations. This makes it more important than ever before for organisations to secure effective integrations and automation platforms.
Fortunately, there are more cybersecurity providers than ever before, with more powerful tools at their disposal. SOAR platforms and providers are having record years of their own as they rise to meet the challenge of effectively preparing organisations from ransomware.
As such, the urgency in securing your organisation's operations against potential cyber attacks should not be understated. Developing a custom playbook that reflects your organisation’s needs, along with the direction it will be expanding, is an obvious first-step if you haven’t moved to centralise and automate your cybersecurity tools as of yet.
Considering entering into SOAR integrations, upgrading an existing one, or designing custom playbooks? Metron is a development partner with leading SOAR platforms and has extensive experience in the automations field. If you are considering any custom cybersecurity solution that focuses on the resources and needs of your organisation, please send a note to firstname.lastname@example.org.