15 Alarming Cybersecurity Facts and Statistics
- Cayley Wetzig, Head of Marketing Communications
The digital age has revolutionized the way businesses operate, with the internet and technology playing a central role in nearly every aspect of modern business. However, with this advancement comes an increased risk of cyber attacks and data breaches, putting companies and their customers at risk. We have identified some crucial cyber security facts of which all companies should be aware to protect data security.
As cyber threats continue to evolve and become more sophisticated, it is critical that businesses implement robust cybersecurity measures to protect against attacks.
Key Cyber Ssecurity Facts And Statistics You Should Know
Let’s delve right in to the cyber security statistics!
1. Hacking Attacks Are on the Rise
Threat actors have always been a major threat to businesses. But with the rapid growth of technology in recent years, cyber attacks are becoming more frequent and more sophisticated than ever before.
According to recent data, there is an attack every 39 seconds. It’s one of the cyber security statistics that’s sure to keep any entrepreneur up at night.
2. Government, Technology, and Retail Are Some of the Most Affected
While every industry is at risk of a cyber attack, some are more susceptible than others. In particular, governments, technology companies, and retail businesses are among those that have fallen victim to cyber attacks in recent years.
 In 2016, an estimated 95% of all breached records came from these three sectors. This is largely due to the large amount of data stored by these organizations, as well as the sensitive nature of such information.
3. Data Breaches Are Extremely Costly
All data breach types are not just costly for businesses in terms of time and resources but also in terms of their bottom line.Â
In fact, cyber attacks will cost companies $10.5 trillion per year by 2025. That’s money that could be used to fuel innovation, expand operations, and build a more secure future for businesses and customers alike.
4. Small Businesses Are Especially Vulnerable
Given that small businesses have fewer resources to dedicate to cybersecurity, it is unsurprising that they are more vulnerable to cyber-attacks.Â
In fact, 43% of all cyber attacks are directed at small businesses. For anyone running a small business, it is critical to take data protection seriously and invest in robust cybersecurity measures that can keep your organization safe.
5. The Health Sector Is a Major Target
In recent years, the health sector has emerged as a major target for threat actors. The pandemic period especially saw a surge in attacks targeting the sector. As more patients turned online for healthcare, attackers saw an opportunity to steal sensitive information.Â
Overall, threat actors have stolen 29 million records annually since 2020. It’s a wake-up call for organizations in the healthcare industry to implement measures that help stop attacks before they happen.
6. Covid-19 Led to an Increase in Attacks
The pandemic had a devastating effect on the world, with economic and social impacts felt around the globe. As businesses looked to weather the storm, remote work policies were implemented.Â
However, this shift provided cybercriminals with a prime opportunity to capitalize on businesses looking to maintain operations while minimizing costs.Â
In fact, there was a 300% increase in attacks right after Covid-19 began to spread. This is one of those cyber security facts that we wish never came to pass, but alas, it did.
7. Phishing Attacks Are a Major Threat
Cybercriminals have an endless arsenal of methods to infiltrate a company’s systems. However, one of their favorite tactics is phishing. This involves sending an email that appears to be from a legitimate source but is meant to trick people into revealing sensitive information such as passwords or bank account details.
In fact, as many as 90% of data breaches occur as a result of phishing attacks. If your organization wants to stay protected, it’s crucial to be vigilant about phishing attempts and take steps to minimize the risk of falling victim.
8. Human Errors Are Responsible for Most Breaches
In most organizations, security is largely the responsibility of employees. However, this can also lead to breaches when they make mistakes — either by accident or with malicious intent.Â
In fact, 95% of all data breaches occur as a result of human error. These errors range from clicking on dangerous links to falling for email scams.
9. Cybersecurity Awareness Training is the Best Defense Against Attacks
If the human factor is the primary cause of data breaches, then it follows that security awareness training is the most potent tool to combat cyber attacks.Â
In a recent study, 97% of respondents said they’d implemented cybersecurity training within the past year. When employees know how to spot and avoid phishing, malware, and other attacks, they can help keep your organization safe.
10. Spending On IT Security Is On The Rise
Threat actors are continually honing their skills and coming up with new ways to infiltrate systems. This is a challenge for businesses, with the need to invest in cutting-edge cyber defenses clearer than ever before.Â
In fact, spending on IT security has hit an all-time high. Analysts estimate that total spending on cybersecurity will reach over $172 billion by the end of 2022. A significant chunk of this money will go towards security awareness training.
11. The Use of IoT Devices Has Increased Tremendously
One of the greatest cybersecurity threats facing businesses today is the ever-increasing use of IoT devices. When these devices are not properly secured, they can easily be used by threat actors to gain access to a company’s network.Â
However, with over 75 billion IoT devices expected to be in use by 2025, it’s crucial for organizations to take steps to ensure that these devices are as secure as possible.
12. IT Security Personel Gap Is Widening
IT security personnel are a huge resource in the fight against cyber attacks. And with the need for these professionals growing, the gap between supply and demand is widening.Â
In 2021, there were an estimated 3.5 million positions unfilled worldwide. That shortage will only become more pronounced in the years to come. It’s no wonder IT personnel jobs are the second-highest-paying careers today.
13. A Majority of Organizations Have No IT Security Incident Response Plan
Despite the high rate of cyber attacks, many businesses still do not have an effective IT security incident response plan. An estimated 77% of organizations worldwide have no such plan in place.Â
If a business is hit by a data breach and doesn’t have a solid strategy to handle the aftermath, the consequences can be disastrous.
14. Most Small Businesses Fail After a Breach
Few data breaches leave a business unscathed. Small businesses are especially hard-hit. About 60% of these firms close their doors within six months of a cyber attack. Much of this damage is the result of financial damage. But there’s also the reputational impact to consider.
Once a breach becomes public knowledge, it can be extremely difficult to regain the trust of customers and other stakeholders. Lawsuits and penalties can also leave small businesses struggling to recover.
15. Most Companies Take Too Long to Detect a Breach
It’s bad enough to suffer a data breach. But when it takes your organization a long time to identify the attack, the fallout can be even worse.Â
Unfortunately, that’s exactly what happens to organizations today. Most take more than 6 months to realize they’ve been hacked.
During this time, threat actors can do a lot of damage. They can steal sensitive information and wreak havoc on your network. It’s the reason auditing and monitoring systems are so critical.Â
In case there are any vulnerabilities, or you have been breached, you want to know as soon as possible so that you can take the necessary steps to minimize the damage and protect your business.
Consider These Cyber Security Facts in the Face of Growing Threats
As cyber attacks grow more frequent and sophisticated, organizations must take cybersecurity seriously if they want to protect their data and keep their businesses running smoothly.Â
This requires a multi-faceted approach, including investing in state-of-the-art IT security systems and implementing robust cybersecurity training programs for employees.Â
Only by taking these steps can organizations stay ahead of the curve and protect themselves against cyber threats, just heed the cyber security facts and statistics, and react accordingly.
Are you looking for professional help to boost IT security in your organization? Contact us today and learn how we can help you.
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