Cyber threats are becoming more sophisticated and more frequent, and the impact of these events is costing more and more. For example, the cost of a cyber attack ranges from 5 to 15 million dollars, and in 2023, globally, the total cost of cybercrime will reach 8 trillion euros, up from 5.5 trillion euros in 2020, said Yugo Neumorni, president of the CIO Council.

These costs could reach 10.5 trillion euros by 2025 and 13.8 trillion euros by 2028. However, “there are still large companies, including in Romania, that do not have a proper monitoring process,” he said at the DigitALL 2024 conference organized by Energynomics.

Despite increased spending on cyber security, organisations remain vulnerable. On average, it takes a company 207 days to realise it has been cyber attacked and another 70 days to stop the attack. According to Neumorni, cyberattacks have become a business for some countries, with some financing themselves through cyberattacks.

“It is more cost-effective for some states to commit cyber attacks to get ransom,” he said.

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Statistics show that one in three companies have suffered a cyber attack in the last 12 months, and 41% of them were attacked because of vulnerabilities in the suppliers they work with.

DigitALL 2024 was organized by Energynomics, in partnership with reputed organizations such as the CIO Council, with the support of our partners: Corning, Datacor, Eaton Electric, Enevo Group, Procesio, Siemens, Sixt, Vertiv.