A new urgency for cyber resilience

Cybersecurity Solutions from Unisys

Cyber attacks such as ransomware, denial of service and data breaches pose significant threats to the security, reputation and continuity of any organization.

According to the 2022 Verizon Data Breach Investigations Report, the total number of ransomware attacks in that year surged by 13%, a rise equal to the last five years combined.

In one recent analysis, publicly traded companies suffered an average decline of 3.5% in their stock values 14 days after a data breach and a drop of 3% six months after a data breach. The damage to reputation and trust stemming from a disclosed breach can result in a credit rating downgrade, impacting a company’s ability to secure financing. In fact, Moody’s announced in 2018 that it would evaluate companies’ cybersecurity practices when assigning credit ratings. As a result, companies with weaker cybersecurity practices may face higher borrowing costs and increased financial risk.

Most regulated industries now have mandates that require companies to have a cyber resiliency plan in place, and many governments (the United States, Australia and the European Union) have directives in place or in draft form.

Given the increasing number of ransomware attacks and their detrimental effects on businesses and individuals alike, building and maintaining an effective cyber resilience program that can prevent, detect and respond to these threats has become essential.