Cyber-attacks could cost the UK economy over £1bn every year according to new data by research firm Netscout.
The research shows that in 2018, businesses experienced a downtime average of 67 minutes per attack, and each successful attack costed over £140,000, which worked out at an average cost of £2,140 per minute.
“Our research reveals that the average enterprise has 22 security tools in place – and – anecdotally we know that some have far more,” said Darren Anstee, CTO, Security at Netscout.
“Businesses have invested in new tools and technologies to deal with new threats, but this hasn’t resulted in a reduction in risk.
“A complex security stack can lead to an inconsistent picture of what is really going on, slowing down operational processes and reducing the effectiveness of security personnel, whilst creating gaps for attackers to exploit.
“As a result, companies are waking up to the fact that they need a well-integrated security stack and a consistent view across their virtual, physical and cloud resources.”
The findings also revealed that the threefold YoY increase in the number of DDoS attacks against SaaS services, from 13% to 41%.
“In leaning on outsourced security professionals, businesses are identifying the short-falls of their internal processes and capabilities and are moving to address risk in the only way they can.” added Anstee.
“There is nothing wrong with this strategy, as long as businesses are clear that they still own the underlying risk.”
Netscout found that 61% of respondents stating that security concerns are creating a barrier to cloud adoption.
For Service Providers, cloud-based services were increasingly targeted by DDoS attacks, up from 25% in 2016 to 47% in 2018.
The report also revealed that in 2018, 60% of service providers witnessed attacks traversing their networks that were targeting governments, up from 37% last year, and the size of the attacks exploded to a record-breaking 1.7Tbps, with the targets and techniques continuously evolving.
In addition to that, in 2018, the average global cost of one hour of downtime associated with internet service outages caused by DDoS attacks was $221,836.80.
Germany had the highest downtime costs, at $351,995, while Japan paid the least for an hour of network downtime at $123,026.