With cyber-attacks continuing to increase, there is a high possibility that 2019 will record the highest number of reported cases in history.
Businesses are continually increasing their dependence on technology, which has caused a growth in cyber threats annually. You can already tell how severe the issue is, with the news always having something to report on cybercrimes. Popular companies that have been targeted include Yahoo, Marriott, Equifax, and Facebook.
Hackers are not sparing any institutions, including public processes such as governmental elections across the world. The fire is catching both small and large government offices.
It is now up to business leaders and professionals to remain aware of the growing dangers. If there were no time that companies needed to be more vigilant, then this would be it. You cannot afford to be a damage control example.
By looking at different cybersecurity statistics, it is possible to raise awareness on the landscape of cyber threats. Although you will find many documentation and reports on these cases, it is sad that some companies are still not taking precautions.
Ten statistics that will shock you.
- The $1.5 trillion economy built from cybercrimes. The biggest motivator to these cybercrimes is the profitability it comes with. Cybercriminals are gaining not anything less than $1.5 trillion in annual profits, and this is only in certain reported cases.
- The majority of small business owners who care to invest in cybersecurity products spend less than $500 annually. Juniper Research conducted a study in 2018, which concluded that many of the small business owners would be comfortable spending less than $500 to protect their data and networks in 2019. A good number will not bother to invest in cybersecurity altogether.
- 43% of targeted companies are SMBs. SCORE indicates that 43% of cyber attacks are usually aimed at SMBs. This number is massive since most SMBs do not care to invest in security policies, and even when they do, their systems are not strong enough. This makes them an easy target.
- The average period between the discovery of a breach and reporting is 49.6 days. Many data breaches will not be reported within 50 days of their occurrence on average. For companies with no monitoring solutions, such violations go undetected for weeks, if not months.
- Damages from annual cybercrimes to reach at least $6 trillion. From a 2019 ACR by cybersecurity companies, losses from cyber attackers will cost organizations $6 trillion by 2021.
- Cheap and accessible hackers’ tools. Now more than ever, you can get a cybercrime kit for as low as $1 on the dark web or hire a hacker online at any time.
- The US is the number one target country for cybercrimes. Norton security revealed that the US stands at the top of the list for the most targeted country.
- 33 billion of stolen records by 2023. This is also by the Juniper Research 2018 report.
- One 2019 breach exposed 1.16 billion passwords and email addresses.
- 91% of all cyberattacks start with a simple phishing email, according to Cofense.