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ABA-OFR Flags Cyber Risk, Macroeconomic Uncertainty in Annual Report.

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ENPNewswire-November 19, 2021--ABA-OFR Flags Cyber Risk, Macroeconomic Uncertainty in Annual Report

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Release date- 17112021 - ABA-OFR Flags Cyber Risk, Macroeconomic Uncertainty in Annual Report.

The Treasury Department's Office of Financial Research flagged cybersecurity and macroeconomic risk as top areas of concern as the cost of cyberattacks continues to rise and uncertainty about COVID-19 and the economic outlook persists.

In its annual report to Congress, OFR noted that expenses required to guard against cyberattacks continue to rise. 'The U.S. led the world in the average cost of data breaches at $9.05 million, up 5% year-over-year,' OFR said. 'That is more than double the $4.24 million global average cost.' One factor driving up the cost of data breaches is the rising downtime companies face following successful cyberattacks; victims have an average of 23 days of downtime after a successful ransomware attack, the report noted.

Meanwhile, macroeconomic risk remains heightened due to the uncertainty remaining regarding the continuing effects of the...

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