Your business’ security is one of your top priorities. But keeping your business safe in this digital age is becoming more and more challenging. As technology advances, cyberthreats find more advanced way of breaking down defences and infiltrating systems. This has never been more clear than when you look at recent statistics and facts about cyber security.
We’ve scoured the internet to find the latest and most relevant stats and cybersecurity facts that truly reflect the state that businesses find themselves in this year.
8 Cyber Security Facts That
- Reported data breach incidents increased by 300% in 2020
The FBI and Google reported in May 2020 that since the outbreak of Covid-19, they had seen a huge increase in the number of cyberattacks being reported. The FBI in particular saw the number of reports increasing by 300%
- Ransomware damages are expected to hit $20 billion in 2021
In 2019, it was predicted that by this year, the damages totalled from ransomware attacks would exceed $20 billion, or R287 billion. With BlackFog reporting 120 large-scale attacks already having taken place between January and May this year, this number seems entirely plausible.
- Each data breach costs companies an average of $3.9 million
According to IBM, a single data breach will cost SMEs an average of $3.9 million, or R56 million. This comes in the form of ransom paid to attackers, but does not necessarily take into consideration fines incurred due to personal data breaches, or the cost of lost business that companies can expect to experience.
- Healthcare industries were hardest hit by data breaches in 2020
As if healthcare institutions hadn’t had a difficult enough year with the onset of a global pandemic, cybercriminals were also quick to take advantage of their weakened state. Not only did reported data breaches in the industry increase by 58%, but healthcare data breaches were also the most expensive, costing companies an average of $7.13 million, or R102 million.
- 23% of data breaches in 2020 were caused by human error
IBM points out that human error caused 23% of the data breaches that took place in 2020. These types of breaches took companies an average of 239 days for companies to identify, highlighting the importance of employee training and education.
- A new cyberattack happens every 39 seconds
According to a study by the University of Maryland, computers with internet connections are attacked every 39 seconds on average, with almost 2250 attacks occurring each day. The majority of these attacks involved attackers using scripts to guess login credentials.
- 28% of data breaches target small businesses
According to Verizon, of the data breaches that occurred in 2019, 28% impacted small businesses. These are also the businesses that can least afford the costs of a data breach, making it ever more essential for them to invest in security against attacks.
- Only 26% of businesses have formal incident response plans
IBM’s 2020 report found that only 26% of businesses are prepared for attacks with formal response plans. While this is a vast improvement (a 44% increase) over previous years, it is still not enough when you consider the prevalence of attacks and the damage that they can cause.
What Can Your Business Do?
Looking at these interesting facts about cyber security can easily send any person into a panic. The situation seems dire, after all. But these facts about cyber security also provide us with insights into what companies can do to protect themselves against threats:
- Train Your Teams
With such a large portion of data breaches stemming from human error, ensuring that your teams are well trained in Cyber Security and Email Security techniques, and know what to do when an attack occurs, is essential for any business.
- Use Multi-Factor Authentication
The study by the University of Maryland highlights the importance of using multiple authentication methods to secure your business data. While attackers may be able to guess user credentials through scripts, they will not be able to receive the codes sent to devices, or use biometric methods, to confirm their login attempts.
- Prepare For the Worst
Having a Disaster Recovery Plan in place will ensure that even if your business is hit by a ransomware attack, you will be able to restore your information without needing to pay the exorbitant fees that attackers demand.
- Ensure That You Have Protection In Place
Solutions like Microsoft Advanced Threat Protection offer holistic security across your business, covering endpoints, cloud services, communications, and even offering advanced training simulations.
Knowing the facts about cyber security is the first step in implementing a security plan that will see your business navigating this treacherous terrain. But you don’t need to navigate it alone. Get in touch with Solid Systems today to find out how we can help you keep your business secure, and see you stepping into the future with confidence.