Cybersecurity: How it can Affect Your Business

According to an article in Cybint, the cybersecurity industry is rapidly growing on a daily basis. The continual bombardment of cyber-attacks in the IT industry is an ongoing problem and the IT industry has a long way to go to catch up with curtailing these threats. The following are fifteen Cyber Security Facts and Stats you as a business owner needs to be aware of according to Cybint.

1.     95% of breach records came from only three industries: Government, retail and technology. Why? These are popular targets because of the massive amount of personal identifying information in their systems.

2.     There is a hacker attack every 39 seconds: A study at the University of Maryland found the constant rate of hacker attacks of computers with internet access affects one in three Americans every year. Their success comes with the use of non-secure usernames and passwords.

3.     43% of Cyber-attacks target small business: 64% of companies have experienced web-based attacks, 62% experienced phishing and social engineering attacks, 59% of companies experienced malicious code and botnets while 51% experienced denial of service attacks.

4.     The global average cost of a data breach is $3.9 million across SMB’s: Many businesses are crippled by this amount, its not only monetarily but there is a cost in reputation as well.

5.     Since the COVID-19 pandemic, the US FBI reported a 300% increase in reported cybercrimes. Hackers focused attacks on vulnerable networks as office workers moved to their homes.

6.     More than 93% of healthcare organizations have experienced data breaches over the past three years, 57% had more than five data breaches during the same timeframe.

7.     Human intelligence is the best defense against phishing attacks. It comes down to user behavior and understanding the best way to protect your business against some of the most common hacking methods.

8.     Approximately $6 trillion is expected to be spent on cyber security globally by 2021. Organizations will need to reprioritize budgets and reassess their approach to cybersecurity.

9.     Connected IoT devices will reach 75 billion by 2025, meaning more opportunity for hackers.

10.  Unfulfilled cybersecurity jobs worldwide will reach 4 million by 2021, over 500,000 are unfilled in the U.S., cybersecurity engineers are some of the highest paying jobs in the industry.

11.  95% of cybersecurity breaches are due to human error. Cyber-criminals and hackers infiltrate your company through the weakest link, which most times is never through the IT department.

12.  More than 77% of organizations do not have a Cyber Security incident response plan. That’s after 54% of companies said they have experienced one or more attack in the past 12 months.

13.  Many companies take nearly six months to detect a data breach, including major ones like Equifax, Capital One and Facebook. By that time confidential records such as passwords, credit cards and social security numbers may have already been compromised.

14.  Share prices fall 7.27% on average after a breach, usually up to 14 days after a breach.

15.  Total cost for cybercrime committed globally will reach $6 trillion by 2021. Cybercrime is one of the biggest threats, hackers are targeting more than corporations and banks. Their targeting everyone, as long as your connected to the internet, you can become a victim.

In summation, cybercrime can be the greatest threat to your company. In fact, this will affect every person, place and thing in the world. As technology evolves so do the hackers. The best defense is to stay informed and learn from useful cyber security statistics and facts. Keep all people in every business educated and alert for possible attacks.

For more information or to have a discussion about Catalyst-IT Cybersecurity Services, contact us by clicking here or calling 877-843-9611.