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Half of the people believe that Artificial Intelligence (AI) will make it easier for hackers to launch more attacks, according to a recent report. The study, conducted by Barracuda Networks, found that 71 per cent of respondents had experienced a ransomware attack in the past year, with 61 per cent admitting to paying the ransom.
Fleming Shi, the Chief Technology Officer at Barracuda, emphasized the importance of proactive monitoring and attack detection to prevent cyber incidents from escalating. "By preparing for these scenarios today, organizations can significantly reduce the impact and cost of these incidents," Shi said.
The report surveyed 1,917 IT security practitioners in the US, the UK, France, Germany, and Australia in September 2023. The respondents represented enterprises with a headcount ranging from 100 to 5,000 employees.
Additionally, the report highlighted that the average annual cost of responding to compromises was $5.34 million. A majority of respondents (57 per cent) reported experiencing one or more cyberattacks in the past year, while 48 per cent said their organizations suffered a data breach, resulting in an average loss of 340,267 individual records.
Among the most common attack types reported were denial of service (52 per cent), phishing/social engineering (48 per cent), and credential theft (41 per cent).
The report also discussed how hackers leverage AI to identify vulnerable targets and execute attacks more efficiently. It noted that while 54 per cent of respondents acknowledged the need for new approaches to security in response to increased AI use by attackers, only 39 per cent believed their security infrastructure was adequately equipped to defend against AI-powered attacks.
As cyber threats continue to evolve, it's crucial for organizations to stay vigilant and adopt robust security measures to safeguard their systems and data against emerging risks.