Every year the damage related to cybercrime has steadily risin from the year prior. This is an understandable statement due to the growth of technology in the past decade. The monetary damage linked to cybercrime is projected to rise to $6 trillion annually by 2021. While this is extremely informative, how do we protect ourselves? What are our vulnerabilities? I will go over some key statistics to guide you as individuals and business owners in the right direction.
Stunning Data Breach Statistics:
World-wide spending on cyber security is going to reach $133.7 trillion by 2022.
68% of business executives feel their cybersecurity risks are increasing.
4.1 billion data records were breached in the first half of 2019.
71% of breaches were financially motivated and 25% were motivated by espionage.
52% of breaches featured hacking, 28% involved malware, and 33% included phishing or engineering.
Security breaches have increased by 11% since 2018 & 67% since 2014
Hackers attack every 39 seconds
Hackers attack 2,244 times a day
The average time to identify a breach in 2019 was 7 months
Average lifetime of a breach lasts almost 11 months (from breach to containment).
Average cost of a data breach is $3.92 million as of 2019
In 2016,, Uber reported that hackers stole the information of over 57 million riders and drivers and forced to pay them $100,000.
Even though the Equifax was is 2017, the company is still paying off the $4 billion cost
Most Common Causes of Data Breaches:
Weak and Stolen Credentials/Passwords
Back doors, Application Vulnerabilities
Malware
Social Engineering
Too many permissions
Insider Threats
Improper Configuration
User Error
The growth of breaches represents us as a growing trend of security violations. Data breaches expose sensitive information that often leaves users at risk for identity theft, compliance violations, and companies' reputations.
Cyber Crime by Attack Type:
It's critical to have a general view of metrics surrounding cybersecurity issues in terms of their type and origins. Most cyber attacks include:
Malware Attack
DoS and DDoS
MitM
Phishing and spear-phishing attacks
Drive-by Attack
SQL injection attack
XSS
Cybercrime attack type by statistics:
34% of data breaches involved internal actors.
69% of organizations don't believe the treats they're seeing can be blocked by their anti-virus software.
The average cost of ransomware attack on businesses is $133,000
92% of malware is delivered by E-Mail
Ransomware detections have been more dominant in countries with higher numbers of internet-connected populations. The US has the highest rank with 18.2%.
Industry Specific Cyber Stats:
Finance and Healthcare are the most popular targets among hackers
43% of breach victims were small and medium businesses.
15% of breaches involved Healthcare organizations
10% of breaches involved the financial industry
16% of breaches involved the public sector
The banking industry incurred the most cybercrime costs in 2018 at $18.3 million
The estimated losses in 2019 for the healthcare industry are $25 billion
Supply chain attacks are up 78% in 2019
Security Spending and Costs:
Cybersecurity budgeting has been increasing steadily as more decision-makers are realizing the value and importance of cybersecurity investments. According to the Cyber Security mid-year snapshot’19 report, Cybersecurity budgets have increased by almost 60%
By the end of 2020, security services are expected to account for 50% of cybersecurity budgets.
The average cost of a malware attack on a company is $2.6 million.
$3.9 million is the average cost of a data breach.
The average cost in time of a malware attack is 50 days.
The most expensive component of a cyber-attack is information loss at $5.9 million.
Including turnover of customers, increased customer acquisition activities, reputation losses and diminished goodwill, the cost of lost business globally was highest for U.S. companies at $4.13 million per company.
50% of large enterprises (with over 10,000 employees) are spending $1 million or more annually on security, with 43% spending $250,000.
To improve and raise your Cybersecurity position and awareness you don’t need to invest endlessly in new security tools. The truth is that 80% of data breaches can be prevented with basic actions such as: vulnerability assessments, patching, and proper configurations.
Although the reality is challenging, and a future is not promising to be better in terms of cybersecurity threats and malicious attacks, we are here to address your challenges and to help you realize your cybersecurity status, it's capabilities and to provide you with sensible recommendations for improving overall cybersecurity.
Don’t put your business reputation on stake.