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Axiotrop Blog

Breaches Increase Despite Greater Cybersecurity Spending - Why?

Breaches increased almost 80% from 2022 while in 2023, global cybersecurity spending reached almost $200 billion.  Business leaders are asking why risk of a breach is worsening. 


According to MIT/Sloan Professor Stuart Madnick in a March 2024 WSJ article, here are the reasons:


•   Evolving ransomware attacks:  ransomware gangs franchise their malware which is allowing more criminals, particularly the less computer savvy ones to get into the ransomware game.


•   Cloud misconfigurations:  companies increasingly rely on cloud services such as from Amazon and Microsoft which make attractive targets for hackers.  In 2023, over 80% of breaches involved data stored in the cloud.  Cybercriminals are taking advantage of mid-sized and smaller companies’ mistakes configuring their cloud services.


•   Exploitation of vendor systems:  Most companies use a network of vendors ranging from A.C. maintenance to updating software.  These vendors have special access to the company’s computers which can be entered by hackers that breach a vendor’s system.


Takeaway and next steps:  In spite of growing risks, mid-sized and smaller companies should seek help from outside cybersecurity experts, such as Axiotrop to identify and address vulnerabilities.  To learn more, visit or schedule a 15 minute call.


 AXIOTROP’s mission is to make cybersecurity accessible, attainable, and sustainable for small and medium-sized businesses so they remain competitive and poised for growth. We simplify cybersecurity by working closely with businesses to right-size their program for their needs, resulting in client retention, business expansion, and reduced risk.  


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