The Global State of CPS Security 2024: Business Impact of Disruptions

Key findings include:

1. Cybersecurity Incidents Affecting CPS Result in Steep Financial Losses

• Nearly half of respondents (45%) reported a financial impact of $500,000 USD or more in the last 12 months from cyber attacks affecting CPS, with over a quarter (27%) reporting $1 million or more. Several factors contributed to these losses, the most common being lost revenue (selected by 39% of respondents), recovery costs (35%), and employee overtime (33%).

2. Ransomware Still Plays Heavily into Recovery Costs

• Over half of respondents (53%) met ransom demands of more than $500,000 USD to recover access to encrypted systems and files in order to resume operations. This problem is particularly severe in the healthcare sector – 78% reported ransom payments over $500,000. 

3. Consequential Operational Impacts Felt by Organizations Worldwide

• Nearly half of respondents globally (49%) experienced more than 12 hours of operational downtime resulting from a cyberattack in the last year, and one-third (33%) reported at least a full day of downtime. About half (49%) said the recovery process took a week or more and nearly a third (29%) said recovery took over a month.

4. A Remote Access and Supply Chain Problem

• 45% of respondents said at least half of their organization’s CPS assets are connected to the internet; the most common connection method is through a virtual private network (VPN), selected by 36% of respondents, which lack CPS-specific security controls. 82% of respondents said at least one cyber attack in the past 12 months originated from third-party supplier access to the CPS environment.

5. Resilience Strategies are Paying Off in Risk Reduction

• Respondents expressed growing confidence in their organization’s risk reduction efforts, indicating a growing maturity around the defense of CPS environments; most respondents (56%) have greater confidence in the ability of their organization’s CPS to withstand cyber attacks today versus 12 months ago. 

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