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Cyberattacks are on the rise, and they're costing us billions of dollars

Sydney Angove, Data Work By Wade Zhou on

Published in Slideshow World

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Cyberattacks are on the rise, and they're costing us billions of dollars

Major cybercrimes have become increasingly common, putting private information at risk and causing serious financial damage.

Consider the massive breach at background check company National Public Data caused by a third-party bad actor in late 2023. The company confirmed a leak had compromised the privacy of social security numbers, addresses, and other personal information published on the dark web in April 2024, but the information only became public after a proposed class action lawsuit against NPD was filed in August of the same year, resulting in more lawsuits for the company.

Though the exact numbers are unknown, malicious cyberattacks have nearly doubled since the COVID-19 pandemic, according to the International Monetary Fund's 2024 Global Financial Stability Report. Increased digital reliance across critical infrastructure such as energy grids, transportation systems, communications, and financial services has contributed to a surge in attacks, according to the report.

What's more, as risks to information technology systems grow, so does attackers' capacity to cause harm, amplifying existing threats. Drata examined analyst reports and news reports to see how much cyberattacks are costing companies and consumers around the world.

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