Endpoint cyberattacks cost organizations more than $7M on average

As the frequency of cyberattacks increases, the cost to fix security risks is also on the rise. Successful endpoint cyberattacks cost organizations an average of $7.1 million in 2018, according to a report that analyzed the state of endpoint security.

Endpoint security is described as a method to protect networks from being accessed by remote devices, like laptops and mobile devices. Last year, the average cost of a successful attack was $5 million. For 2018, the average cost per compromised endpoint is $440. For smaller and medium-sized companies, the average cost is even higher at $763.

“This increase in successful attacks has exposed a gap in protection that existing solutions and processes are not addressing,” Larry Ponemon, chairman and founder of independent research center Ponemon Institute, said in a statement. “Antivirus products missed more attacks than they stopped in 2018, and organizations believe their current antivirus is effective at blocking only 43 percent of attacks. There is a clear need for more effective solutions to block zero-day and fileless attacks.”

The report also revealed 64 percent of respondents reported their company experienced one or more successful endpoint attacks within the last 12 months, while 63 percent said the frequency of attacks has also increased over the last year. Additionally, antivirus products missed an average of 57 percent of attacks, and the average time to patch an endpoint was 102 days.

Seventy percent of respondents said they’re concerned about increased threats against their organization. However, only 29 percent said their traditional antivirus solutions provided the protection needed to stop all serious attacks against their systems.

The findings were detailed in the “2018 State of Endpoint Security Risk” report sponsored by endpoint security company Barkly. The Ponemon Institute research firm conducted the survey for the report. The firm surveyed 660 IT and security professions—about 10 percent of the respondents worked in the healthcare and pharmaceutical industries.