Cyber-physical systems protection company Claroty revealed that in the past year, one in four organizations using CPS suffered financial losses exceeding US$1 million due to cyber attacks. These breaches resulted in significant operational downtime, substantial financial damage, and prolonged recovery periods, severely impacting business operations. Ransomware demands are severe in healthcare, with 78 percent reporting payments over $500,000 due to ongoing ransomware attacks.
In its report titled ‘The Global State of CPS Security 2024: Business Impact of Disruptions,’ based on a global independent survey of 1,100 professionals about the business impacts of cyber attacks on their organizations in the past 12 months, Claroty identified a significant financial impact, with over a quarter (27 percent) of organizations reporting a financial impact of $1 million or more from cyber attacks affecting cyber-physical systems. Several factors contributed to these losses, the most common being lost revenue (selected by 39 percent of respondents), recovery costs (35 percent), and employee overtime (33 percent).
Claroty also highlighted that cyber insurance continues to gain momentum as…
