9 Cyber Security Statistics You Must Know to Keep Your Business Safe 

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The world of cyber security is constantly evolving–and so are hackers.

With cyber crime at an all-time high, it’s now more important than ever to keep up with the latest statistics and protect your business from potential threats.

The following cyber security statistics are essential for every business owner to know in order to stay safe online.

1. Phishing is one of the most common cyber attacks

There are a variety of different cyber attacks occurring every day; some of the most common include:

  • Phishing– one of the most common cyber attacks. Involves emails that look like they’re from legitimate companies, but in reality, are scams to get you to enter your login information or credit card number into fake websites.

  • Rootkit, spear-phishing emails– these emails come with an attachment that discreetly installs malicious software on your computer.

  • DDoS attacks– hackers flood websites with traffic so their pages won’t load properly–potentially ruining the user’s experience when browsing normally or even just accessing what they were looking at before it went down.

  • SQL injection flaws– allows hackers to read, change, or delete entries in company databases. Hackers might download a customer list with contact information or destroy critical financial records.

2. The world’s top businesses are 25% more protected than the rest

cyber security statistics

Figure 4, State of Cybersecurity Report of 2020

According to the Cybersecurity Report of 2020, the world’s top business leaders (who account for 17% of all businesses) have at least 80% of their organization actively protected from cyber attacks, whereas other businesses typically only have about 55% of their organization protected.

Non-leaders also noted that 97% of their breaches had an impact that lasted more than 24 hours–which is 42% higher than what the leaders reported.

3. One business falls victim to a ransomware attack every 11 seconds

In the time it took you to get to this point on the page, at least one business somewhere has fallen victim to a ransomware attack.

The primary goal of ransomware is to get a company’s information and hold it hostage until the owner pays for its release.

In order to keep your business safe from ransomware attacks, make sure you have backups in place so that if something happens, all your data won’t be lost forever.

4. 70% of breaches are perpetrated by external actors

Compared to the 30% of breaches that are perpetrated by internal actors, it’s clear who poses a greater threat in terms of cyber security.

Unfortunately, external threats are typically harder for companies to prevent and prepare for.

Keeping your computers patched with the latest updates, looking out for suspicious emails, and taking advantage of tools like two-factor authentication are your best bets against external attacks.

5. Organized criminal groups cause 55% of breaches

Organized criminal groups are the biggest threat to any company’s cyber security, causing 55% of breaches.

Though they typically target larger businesses, any company with sensitive data can be a potential victim.

To stay safe from these groups and the cyber security threats they pose, keep an eye out for phishing attempts, use virus protection software that includes ransomware detection capabilities, and update your passwords regularly to ensure you won’t fall prey to organized crime.

6. The average cost of a data breach this year was $4.24 million

According to this year’s Cost of a Data Breach Report by IBM, the average cost of a data breach was $4.24 million–a hefty increase from last year’s $3.86 million.

It’s not surprising that costs of breaches continue to increase.

With the amount and type of data we store on our computers, mobile devices, and personal cloud storage accounts increasing each year (and hackers finding more ways to access all this information), it only makes sense for businesses’ losses to rise too.

Even if your company doesn’t suffer a massive loss like this, the costs can add up quickly and affect productivity and morale–which is why it’s so important to take action now.

7. The average cost per record lost to data breaches this year was $161

According to the same report, this year’s average cost per record lost in a data breach was $161. This is a 10.3% increase from last year’s average of $148. In addition to the direct financial costs of remediating a breach, there can be loss of goodwill with customers if information about them was stolen.

If your company is the victim of a data breach, it’s not enough to simply secure all potentially vulnerable areas. You also have to let customers know about the incident so that they can take appropriate measures in response–which means you’ll need money set aside for public relations efforts.

It may be time-consuming and costly, but with these statistics in mind, it’s clear that the cost of not taking action is much higher.

8. The healthcare industry sees the highest breach costs

According to the aforementioned report, the healthcare industry is where costs of data breaches are highest, reaching $9.23 million.

It’s not surprising that the healthcare industry sees such high costs, considering how many records they store and the valuable information they can offer to hackers.

It’s clear that this industry needs better cyber security and a greater awareness among its leaders about what exactly they’re up against–and how much it will cost them if they fail to act.

If you own a business in this industry or any other, there’s no time to waste when it comes to implementing cyber security measures and training your employees on what steps they should take if an attack occurs.

The longer you stay vulnerable, the greater the chance of your company becoming the victim of a data breach, and the higher those costs will be.

9. There’s been a 300% increase in cybercrime since the pandemic started

There’s not a single corner of the world that hasn’t been affected by COVID-19. In the first half of 2020 alone, 36 billion records were exposed thanks to data breaches.

With the increasing popularity of digital services, cyber security attacks are becoming more common–and easier for criminals to carry out.

That’s why it’s crucial that all businesses take their cyber security seriously now and don’t wait until they’re affected by a breach before taking action.

If you’ve got concerns about the security of your website, contact Bizzuka. We can help you evaluate your web environment and make improvements where necessary. If we can’t help you, we’ll refer you to someone who can!