Cybercrime is on an exponential rise.
It’s vital to provide awareness through sharing information that could help businesses who are about to lose their hard earned cash to cybercriminals.
Did you know that 86% of U.S. organisations are planning to increase cybersecurity spend through 2019?
It’s predicted that by 2023 cybercriminals will be stealing a total of 33 billion records a year, with the cost of each data record breached weighing in at $148 million.
Cybersecurity threats are fast becoming a costly battle to address.
Let’s take a look at some of the important cybersecurity stats:
The average cost of a data breach in 2020 will exceed $150 million!
There is no doubt that cybercrime is on the rise. In fact, Juniper research has indicated that it will cost business approximately $2 trillion in 2019 ?
Approximately $6 trillion is expected to be spent globally on cybersecurity by 2021.
It’s estimated that small to medium scale enterprises will need to revise their budget structures to effectively deal with the rise of cyber threats.
33% of organisations suffer from Mobile malware.
A recent report released by checkpoint software technologies indicates 20% of companies across the globe are hit by crypto mining attacks every week. Along with that, 33% of companies have been hit by mobile malware attacks in the past 12 months.
Ransomware attacks grow more than 350% every year.
The use of malicious software to generate user details continues to grow exponentially. In fact, it grew a whopping 350% from 2016 to 2017.
Although companies are beginning to reduce this due to greater maturity. Why not see how mature your company is with our maturity assessment? Get started right ? here.
70% of businesses surveyed believe their security risk increased significantly in 2017.
Research conducted by the Ponemon Institute, business ventures faced more cyber threats in this particular year and still very much on the increase.
$15 billion for cybersecurity funding.
The U.S. government plans to spend $15 billion on cybersecurity-related activities this year. This is a 4% increase compared to the 2018 budget.
The average cost of a data breach in 2018 is $2.2 million.
Research conducted by the Ponemon Institute says you’re more likely to experience a data breach this year than catch the flu ?An appropriate analogy as this year’s research found that the average cost of a data breach can range anywhere from $2.2 million to $6.9 million.
20% of CISOs anticipated being women in 2019.
Forrester research indicates that women are expected to hold 20% of Chief Information Security Officer (CISO) roles in the Cyber Security workforce by the end of 2019. This is an increase from 13% in 2017. This is great news for the security industry.
What cybersecurity threats should you be on the lookout for?
Did you know that cybercrime in 2018 produced $1.5 trillion profit? That being said, it’s crucial to understand what the most common form of cyber attack is, to ensure you’re well secure.
IoT (The Internet of Things) – has led to a broader network layer with numerous loopholes, making it easier for web crawlers to feed on data and thus compromise a network. This means that IoT attacks were up 600% in 2017!
Malicious attackers use IoT devices and mobile devices like smartphones to form botnets, which are a network of private computers that are infected with malicious software and controlled as a group without the user’s knowledge or they initiate DDoS which temporarily disrupts user systems which usually leads to denial-of-service attacks.
Cloud-Based Attacks – As convenient and cost-effective as cloud-based systems are, it has also made many networks susceptible to attacks. It is being advised that protection against cloud-based attacks goes beyond using perimeter securities like SSL certificates but by deploying next-generation solutions designed primarily for the cloud.
Take a look at the attack on British Airways, where over 380, 000 bookings were affected by a criminal attack on their payment systems.
Ransomware – this is a type of malicious software, or malware, engineered to deny users access to their computer systems or data until a ransom is paid.
Locky ransomware, for example, is one of the most ever-multiplying variants among ransomware families. This started from February 2016 where the infection grew until 2017 when it sent 23 million spam messages in just a matter of 24 hours.
This remains one of the most dangerous types of attack; as hackers encrypt data and demand payment for the data to be released. The advent of cryptocurrency has made ransomware more effective, funds are now being requested in the form of cryptocurrency which has the ability to make funds almost entirely untraceable.
Phishing – this specific form of cybercrime saw 65% growth in 2017. The strategies applied by phishers have been challenging to track as they keep using new methods. Phishing attacks lead to compromised credentials, which lead to user data being breached.
Key Takeaways
Most small businesses across the globe will experience some form of cyber attack, it’s inevitable.
It’s crucial to ensure that you have a network security detection system in place that’s able to identify network breaches before they compromise your systems and potentially cost your company billions in data breaches.
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