15 Alarming Cyber Security Facts and Stats

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Cyber or cybersecurity threats are malevolent acts deliberately seeking to damage or steal data, or destabilise the digital world. These threats include, among others, computer viruses, data breaches and Denial of Service (DoS) attacks. Other instances of cyber security threats are cyber-attacks that aim to gain unauthorised access and damage computer networks, intellectual property or any other form of sensitive data.

Threat actors include hostile nation states, terrorist groups, corporate spies and organised crime syndicates, hacktivists, dissatisfied insiders, hackers and accidental actions of authorised users. Seen against this explosive background, it is only natural that the cybersecurity industry is rapidly growing. However, the industry struggles to catch up with new threats despite more resources being deployed to counter cyber-attacks. The following 15 facts and statistics paint a chilling yet realistic picture of the alarming state of the current information security and cybersecurity industry.

  1. In 2016, 95% of breached records came from only three industries

These industries include government, retail and technology because they are very popular targets due to the high level of personal identifying information contained in their records.

  1. Every 39 seconds there is a hacker attack somewhere in the world

The University of Maryland quantified an almost-constant rate of hacker attacks of computers with Internet access. In its Clark School study, researchers narrowed it down to an average of one attack every 39 seconds.

  1. Small business attacks account for 43% of all cyber-attacks

Of the 43% of small businesses, 64% experienced web-based attacks, 62% had phishing & social engineering attacks, 59% had malicious code and botnets, and 51% experienced Denial of Service attacks.

  1. A data breach will exceed an average cost of $150 million or 2,696,871,629 ZAR in 2020. 

A new report by Juniper Research found that criminal data breaches will cost businesses a total of $8 trillion over the next 5 year, due to higher levels of Internet connectivity and inadequate enterprise wide security (Juniper Research, 2019). 

  1. Hackers stole half a billion personal records in 2018 

This is equal to a 126% increase from 2017 (Cybersecurity Ventures). Since 2013 there were roughly 3,809,448 records stolen from breaches every day. This is 158,727 per hour and 2,645 per minute of every day (Cybersecurity Ventures). 

  1. More than 75% of the healthcare industry has been infected with malware in 2019 

SecurityScorecard found that more than 75 percent of the healthcare industry, including health insurance agencies, have been infected with malware. “The analysis also found cybersecurity vulnerabilities could be devastating enough to shut down an entire healthcare network, putting millions of patients at risk” (Ciab.com). 

  1. Large-scale DDoS (distributed denial of service) attacks increased by 500% 

According to the Q2 2018 Threat Report, Nexusguard’s quarterly report, the average distributed denial-of-service (DDoS) attacks increased to more than 26Gbps, a 500% growth (Zurkus, Infosecurity.com). 

  1. Approximately $6 trillion to be spent globally on cybersecurity by 2021 

Jeffrey Roth, Chief Marketing Officer of International Institute of Business Analysis estimates that organisations will spend about $6 trillion globally on cybersecurity by 2021. Given that only 5% of companies’ folders are suitably protected, it is evident that companies need to make a fundamental change in their approach to cybersecurity and realign their budgets to reflect the reality of our modern networked society. 

  1. There will be approximately 20 billion connected devices in 2020 

With the Internet of Things (IoT) and its growing interconnectedness, Business Insider predicts that there will be 41 Billion IoT devices by 2027.  

  1. A cybersecurity talent crunch will create 3.5 Million Unfilled Jobs Globally  

Cybersecurity Ventures and other experts predict an estimated 3.5 million cybersecurity jobs available but vacant by 2021. 

  1. Most cybersecurity breaches are due to human error 

Researchers at IBM indicate that approximately 90 -95% of all cyber-attacks are due to human error and cyber criminals and hackers will infiltrate companies through their weakest link – humans. 

  1. Organisations do not have a Cyber Security Incident Response plan 

More than 77% of organisations worldwide are not adequately prepared for cyber-attacks.  

  1. The detection of breaches takes nearly six months.  

At that rate, passwords and credit card details may already be compromised by the time the incidents are detected. 

  1. Company share prices fall 7.27% on average after a breach 

Paul Bischoff from Comparitech indicates that the share prices of breached companies hit a low point approximately 14 market days following a breach and share prices fall 7.27% on average. 

  1. The total cost for cybercrime committed globally has added up to over $1 trillion dollars  

“This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, and will be more profitable than the global trade of all major illegal drugs combined” (Cybercrime Magazine). 

Remember that as long as you are connected to the Internet, you can become a victim of a cyber-attack. 

Take your business connectivity guide to find the perfect solution for your business! 

Sourced from: BitCo. View the original article here.

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