With it being Cybersecurity Awareness Month and Halloween, we present 10 frightening cybersecurity statistics.
1) Widespread cybercrime and cyber insecurity risks are ranked inside the top 10 of the most severe global risks over the next 10 years (World Economic Forum).
2) The average cost of a data breach in 2022 was $4.35 million. This includes lost business, detection, escalation, notification and post-breach response (IBM).
3) Cybercrime costs are predicted to grow 15 percent per year through 2025, increasing from $8 trillion to $10.5 trillion, and up from $3 trillion as recent as 2015 (Cybersecurity Ventures).
4) 33 billion accounts are estimated to get breached in 2023 (EC-Council).
5) Phishing attacks, or the fraudulent practice of sending emails or other messages as a reputable company in order to gain personal information, increased 61% in 2022. It is the most common attack performed by cybercriminals (SlashNext).
6) 66 percent of small to midsize businesses have experienced a cyber attack in the past 12 months. Phishing, social engineering, compromised or stolen devices and credential theft are most common (Ponemon Institute).
7) 90 percent of successful cyber attacks start when one clicks on an unfamiliar link in a phishing email (Cybersecurity & Infrastructure Security Agency – CISA).
8) 560,000 new pieces of malware are detected every day and there are now more than 1 billion malware programs in circulation (DataProt).
9) Misconfiguration or human error was the primary cause identified by businesses that have suffered a data breach in the past 12 months (Thales).
10) For businesses with less than 500 employees, the average data breach costs $2.98 million. Following attacks, businesses incur a range of costs from everything to handling immediate damages to paying a ransom to providing free credit monitoring (IBM/Ponemon 2021).
The good news… cybersecurity and technology does not need to be frightening. With the proper processes in place such as multifactor authentication, antivirus software, updated software and trained employees, your business can run smoothly and confidently.