The Cost of Social Engineering

1 min read Advanced Security Topics

The Cost of Social Engineering

The financial and reputational damage from social engineering attacks continues to escalate:

Statistical Overview:

  • 98% of cyber attacks involve social engineering (Purplesec, 2023)
  • Average cost of a data breach involving social engineering: $4.29 million (IBM, 2023)
  • 33% of data breaches include social engineering techniques (Verizon DBIR)
  • Phishing accounts for 36% of all breaches
  • Business Email Compromise (BEC) caused $2.4 billion in losses in 2023

Beyond Financial Costs:

  • Reputational damage and loss of customer trust
  • Legal and regulatory penalties
  • Operational disruption and downtime
  • Intellectual property theft
  • Competitive disadvantage
  • Employee morale and productivity impacts