Statistics from IBM Reveal Increase in Frequency and Cost of Cybersecurity Attacks

Fresh statistics reveal that cybersecurity attacks are increasing and causing more financial harm to both businesses and governments. The province of Newfoundland and Labrador is still grappling with the repercussions of a cybersecurity attack on its health care system in October 2021. In addition, the parent company that owns several popular brands, including Sobeys, experienced a “cybersecurity event” that impacted access to pharmacy prescriptions, rewards programs, and gift cards.

IBM cybersecurity expert Evan O’Regan emphasizes that the cost of these attacks is ultimately borne by ordinary citizens. He states that cyber attackers are opportunistic and will go after any lucrative target. O’Regan notes that attacks are becoming more frequent, with particular concern being expressed about the targeting of energy and utility companies. These entities accounted for 60% of all attacks IBM responded to in 2022, likely due to the ongoing tensions in Ukraine and the resultant energy demands.