May 17, 2020

The average cost of ransomware attacks is $133,000, Sophos says

Sophos
Ransomware
Intercept X
IT Professionals
Jonathan Dyble
2 min
Ransomware
According to a new study from Sophos, the average cost per ransomware attack to businesses last year was $133,000, with 54% of organisations having been...

According to a new study from Sophos, the average cost per ransomware attack to businesses last year was $133,000, with 54% of organisations having been hit by attacks last year.

The results came from a survey of more than 2,700 IT decision makers from mid-sized businesses across 10 countries globally, with as many as 5% of these reporting a $1.3mn to $6.6mn total cost from ransomware attacks, often as a result of multiple incidents.

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“Ransomware is not a lightning strike – it can happen again and again to the same organisation,” said Dan Schiappa, Senior Vice President and General Manager of Products at Sophos. “Cybercriminals are deploying multiple attack methods to succeed, whether using a mix of ransomware in a single campaign, taking advantage of a remote access opportunity, infecting a server, or disabling security software.”

The cost to businesses includes ransom demands, downtime, manpower, device and networks costs, and lost opportunities and productivity.

In the aim of tackling this, Sophos has launched its new Intercept X software that looks to keep up with advanced exploit attacks using deep learning technologies that powers advanced malware detection.

“The latest version of Sophos Intercept X has added predictive, deep learning capabilities which can learn by experience, create a high accuracy rate, and a low false positive rate,” Schiappa continued. “Intercept X can bring the most advanced next-generation protection to any organisation, regardless of their current strategy.”

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Jul 30, 2021

IoT market expected to grow due to increase in IoT use cases

IoT
Internet of Things
market growth
Catherine Gray
3 min
The Internet of Things (IoT) service market is expected to grow at a rate of 24% through 2025 according to a report by The Business Research Company

An increase in the internet of things use cases is expected to drive the IoT service market, according to the IoT Services Global Market Report 2021: COVID-10 Growth and Change to 2030.

IoT has found its use in many areas over the years. It can be used in manufacturing, farming, smart cities, transportation and in many other industries and fields.

Due to the fact it can be utilised in many industries, there is an increased need for IoT services and applications. IoT services that provide support by delivering services such as consulting, data management, network management and security services, are in much higher demand.

The impact of COVID-19 on the IoT services market

According to the report, the global IoT services market is expected to grow from $139.24 billion in 2020 to $162.39 billion in 2021 at a compound annual growth rate (CAGR) of 16.6%.

In the coming years, the IoT managed services market size is expected to reach $381.16 billion in 2025 at a CAGR of 24%.

This growth lends itself to companies resuming operations and adapting to the new normal as we emerge and recover from the pandemic.

Previously, COVID-19 restrictions led to restrictive containment measures, remote working and the closure of commercial activities that resulted in operational challenges.

IoT use cases driving growth

The IoT services market consists of the sales of IoT services and their related products. IoT services are delivered by the IoT services providers. These providers provide consulting, security and analytics services as per the requirements of the business.

Major players in the IoT services industry are Cisco Systems, Cognizant, Google, Infosys and Tieto Corporation, to name a few.

An increase in IoT use cases is expected to drive the IoT service market; this is where IoT can be used to automate processes and increase productivity. As it has found many uses cases over the years, this increases the demand for IoT services and this is expected to drive growth.

Enhancing deployment workloads with edge or cloud computing

Despite the expected growth, low enterprise adoption is expected to hinder the IoT services market. Although IoT has its use in many industries, due to factors such as low awareness, enterprise adoption is low, the report states.

Only 29% of enterprises have adopted IoT solutions according to the Omida data survey.

Edge or cloud computing however is enhancing the deployment workload on IoT devices, according to the report. This solution facilitates data processing and data storage in the cloud.

Microsoft released its Azure IoT Edge recently. This fully managed service is built on Azure IoT Hub. By moving certain workloads to the edge of the network, businesses that utilise Microsoft’s IoT platform spend less time communicating with the cloud, react more quickly to local changes and operate reliably in extended offline periods. 

The IoT Services Global Market Report 2021: COVID-19 Growth and Change to 2030 is one of a series of new reports from The Business Research Company that provides an IoT services market overview

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