Nordic companies protect themselves well against e-mail attacks, but when the attack is a fact, it costs close to SEK 12 million – an increase of 19 percent compared to the previous year. The highest average amount among a number of different countries, according to a new report from Barracuda Networks.
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– The costs for companies in Denmark, Sweden, Finland and Norway are high and can endanger a business’s ability to survive. It is usually the largest companies that bear the greatest costs, but according to the report, as many as 60 percent of small and medium-sized companies that are affected by a cyber attack need to shut down their operations within six months of an attack, says Peter Graymon, responsible for Barracuda Networks in the Nordics .
Fewer Nordic companies are affected than average
While the cost of an attack is high in the Nordics, we are below average for being hit by a successful email-borne cyber attack. In the Nordics, 68 percent of companies were exposed to an attack in 2022, which can be compared to the overall average of 75 percent. Companies in the UK are the least affected (54 per cent) while companies in the Benelux have the highest proportion of affected companies (85 per cent). The study also shows that companies with a high percentage of remote work are hit worse than others by e-mail-borne cyber attacks.
– Being the victim of a cyber attack can have serious consequences on several levels. Nor is it just a matter of financial consequences – the company’s reputation and the IT department’s professional pride are also at stake, concludes Peter Graymon.
About the study
The study “Email Security Trends 2023” is based on responses from 1,350 IT managers in the US, Australia, India and Europe. In Europe, respondents were from the UK, France, DACH (Germany, Austria and Switzerland), Benelux (Belgium, Netherlands and Luxembourg) and the Nordics (Denmark, Finland, Norway and Sweden). In the Nordic region, 150 IT managers participated. The survey was conducted in December 2022 by Vanson Bourne, an independent company specializing in market research.