One of the most exciting things that could have happened in today's world is the advent of the internet and the need to create safe spaces online. The dynamic cyberspace ecosystem has led to an increasing necessity for cybersecurity concern among individuals, major corporate players and even small businesses.
A study states that by the year 2020, the costs related to damage caused by cybersecurity breaches may reach $5 trillion and that is why it becomes essential to ensure that your business' infrastructure is up-to-date and ready to ward off cyber crimes.
Any successful cybersecurity breach can crumble an entire company and ruin its public reputation. Cybersecurity threats are not only a matter of concern for large entities like banks, tech companies, and government agencies, but every other person who is concerned about their data needs to stay responsible for it. According to Small Business Trends, small businesses face a major threat as 43% of the previous cyber attacks have been aimed at small scale organizations.
The rate of cyber crimes is increasing day by day and thereby it becomes viably important to look at the current cybersecurity statistics and trends in order to recognize the diabolical and criminal ways through which data breaches happen and adopt measures to stay protected.
The first step to better security across your organization is to make employees more aware. They’re your greatest asset when it comes to security, and your greatest liability- Vernois
Let's take a glimpse at some of the major cybersecurity and phishing statistics that matter in 2020:
Cybersecurity Stats That Matter in 2020
1. IoT devices are expected to become the hottest targets for malware attacks. According to BeyondTrust, these smart gadgets are not built with cybersecurity in mind and are now on the virtue of becoming the favourite targets of the attackers.
2. The number of passwords used by humans and machines combined is expected to grow to 300 billion. As the number of passwords increases, so does the necessity to secure them. (Cybersecurity Media)
3. Email spam is the most common way hackers are spreading malware these days. Within this category, the most malicious attachments include .dot and .doc files which constitute 37% and .exe files which make up 19.5% of the attachments. (Symantec)
4. Around 64% of US citizens have never checked if they have even been impacted by a data breach. Another 54% don’t know how to react in the event of a data breach. (Varonis)
5. Small businesses were the victims of around 43% of the data breaches. 15% of the breaches were targeted at healthcare businesses, 16% at the public sector companies, and another 10% at the financial service providers. (Verizon)
Stats That Matter in 2020: Cost-Related Trends6. By the end of 2022, the annual spending on cybersecurity and information security products is expected to cross $133 billion. These spendings are growing at a CAGR of around 8.7%. (Gartner)
7. Cyberattacks are heavily expensive and everybody knows that. But the most costly component of cyberattacks is information loss which accounts for 43% of the costs. Theft of third-party information can be an added trouble. On average, a breach involving information loss costs about $5.9 million. (Accenture)
8. The average cost of a data breach is $3.9 million across the globe and $8.2 million in the United States. Each stolen record costs around $150 and this cost was the highest in the case of the healthcare industry where each record costs about $429 on an average. (IBM)
9. Around 50% of the organizations with more than 10,000 employees are spending more than $1 million per year on cybersecurity. Another 43% are spending between $250,000 to $999,999 and only 7% of such organizations are spending $250,000 or less. (Cisco)
10. An increasing threat for the e-commerce industry - payment fraud, is expected to cost nearly $25 billion in losses by 2024. (Juniper Research)
Stats That Matter in 2020: Ransomware
11. The notorious WannaCry ransomware which targeted thousands of companies across more than 150 countries cost more than $100 million to the UK’s NHS (National Health Service). The total cost of the ransomware was somewhere around $4 billion. The average ransomware cost stands at around $1000. (Datto) (Symantec)
12. Countries with large internet-connect populations have a fairly high chance of ransomware attacks. The highest number (around 18.2%) of the ransomware attacks were targeted at the US. (Symantec)
13. At least one sample of ransomware was detected and blocked by around 18% of the organizations in 2019. (Verizon)
14. Kaspersky Labs reported that their products detected more than 68,000 ransomware trojan packages in 2019, approximately 8000 more than the previous year. (Kaspersky)15. From an estimated 14 seconds in 2019, the frequency of ransomware attacks has reduced to every 11 seconds in 2020, a 21% increase from the previous forecast. (Cybersecurity Ventures)
Stats That Matter in 2020: Phishing16. 87% of the phishing attacks on mobile devices use avenues other than emails like gaming, messaging, and social media apps. (Wandera)
17. Around 88% of the surveyed organizations experienced at least one phishing attack in 2019. Another 86% of organizations reported facing business email compromise (BEC) attacks. (ProofPoint)
18. Of all the confirmed data breaches worldwide, around 32% involved phishing in some form or the other. However, phishing attacks reduced by 42% in 2019, an indication of increased awareness. (Verizon) (SonicWall)
19. SaaS and Webmail users account for nearly 33% of the credential phishing attacks. Payment services (21%) and financial institutions (15%) are the next biggest targets. (APWG)
20. The rate of phishing emails is the highest in Saudi Arabia (1 in 117) and the lowest in the United States (1 in 675). 65% of US organizations, however, experienced a phishing attack compared to the global average of 55%. (ProofPoint)
Hackers obtain valuable information from companies and make big bucks by threatening to disrupt their business activities as money is certainly a very big factor behind everything that is in the path of acceleration today. Everyone needs to know about these cybersecurity statistics as the operational infrastructure of a number of organizations is affected by these cyber attacks.
Safe and secure cyberspace ensures economic vitality, national security and staying protected on the cybersecurity front will surely go a long way for any organization.