If a store you visit often suffers a cyberattack, you might feel like someone went through your wallet. This kind of attack or data breach, and this kind of feeling, isn’t new. The growing frequency, cost and impact of cyberattacks are new — and consumers notice. Consumers are more aware of attacks than ever before. After all, they affect the public directly more often now, such as when attackers steal their personal information from a large company.
How do consumers perceive these attacks and the threat from future attacks? In what way does this new awareness change consumer behavior and expectations?
Enterprise Attacks Directly Affect Consumers
When attackers breach companies, consumers share the impact. The most measurable impact is in the price of goods and services.
Cyberattacks incur costs in the form of ransomware payouts, higher insurance prices, lawyer fees to remain compliant with regulations, operational disruption, the costs of getting back online and other expenses. These costs are borne by companies, but in the end, raise consumer prices.
And the costs of attacks are going up every year. The average cost of a ransomware attack, for example, was $1.85 million in 2020 — double the previous year, according to a survey from Sophos.
And the future looks grim on this count. Cybercrime costs worldwide are expected to grow by 15% per year over the next five years, reaching $10.5 trillion per year by 2025, according to a prediction by Cybersecurity Ventures. This is the increase in the cost of doing business, which will be reflected in consumer ..
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