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  • Writer's pictureMichael Paulyn

Here are the Numbers: 9 Terrifying Facts About Cybersecurity

As time goes on, the cybersecurity industry has seen massive ongoing change. With these rapid changes, businesses must use more resources to fight cyberattacks. What is truly important here is information and an understanding of the risks for all companies.

1. 95% Of All Breaches are from Only 3 Industries

In 2016, 95% of all breaches came from government agencies, retail companies, and the technology sector. These three groups are usually targets because they aren't easy prey, but they typically hold many pieces of sensitive data.

2. Every 39 Seconds, an American falls Victim to Hacking

The University of Maryland's Clark School study found that an American was a victim of hacking every 39 seconds. Over one year, this worked out to be that one-third of Americans were hacked or had experienced some breach, usually because of not updating passwords, leaving them compromised to a cyberattack.

3. Small Businesses are Frequent Targets

It's not uncommon for small business owners to assume they're just too small or insignificant to be a target; the truth couldn't be farther from it. A small business is a company with 500 employees or fewer; cyberattacks can cost a firm of this size about $7.68 million per attack.

  • 43% of cyber attacks target small business

  • 64% of companies have experienced web-based attacks

  • 62% experienced phishing & social engineering attacks

  • 59% of companies experienced malicious code and botnets

  • 51% experienced denial-of-service attacks

4. Cyberattacks are making Hackers Rich, Really Rich

For many small and medium businesses (SMBs), a data breach's average cost will b about $3.9 million; for many companies, this can be crippling, forcing many to close their doors.

The price is much higher for publicly-owned companies, at $116 million on average. Cyberattacks cost $6 trillion for just 2021 alone, which is not too shabby of a payday.

5. Since COVID-19, Cyberattacks have Skyrocketed

Since the arrival of COVID-19, the FBI has seen a jaw-dropping 300% increase in cyberattacks, with summer 2021 seeing over 12,377 scams. With many companies trying to survive an ongoing pandemic, many hackers have taken this time as an opportunity to attack vulnerable networks and even personal homes.

6. Information in the Wrong Hands

During an attack, sensitive information can easily fall into the wrong hands. Over 9.7 million healthcare records were stolen in a massive breach in September 2020 alone. Most companies take about six months to recuperate from an attack; sometimes, a firm's reputation doesn't recover.

7. Educating Your Employees is the Best Defense

Regarding phishing attacks, a business's best defense is ensuring its employees know what to look for. It's as simple as having employees understand what to look for and the implications of an attack; everyone knows attacks are no laughing matter.

8. Companies are crying out for Cybersecurity Experts

Across the world, there are about 4 million unfilled cybersecurity jobs, with many companies crying out for experts to join their organizations. In the United States, over 500,000 cybersecurity jobs need to be fulfilled.

Over the last five years, over 74% of these positions have continued to increase. Cybersecurity engineers earn an impressive $140,000 annually, the highest-paid jobs.

9. Human Error Common Cause

The most common cause, over 95%, is human error in most cyberattacks. Cybercriminals and hackers always look for the weakest link, almost always any department besides IT.

My Thoughts

About five years ago, Ginni Rometty, IBM's chairwoman, president, and CEO, said, "Cybercrime is the greatest threat to every company globally." It's chilling how right she was because cybercrime has become the biggest threat to every business over the next five years. As technology evolves rapidly, so do hackers grow just as quickly.

Hungry for more? Join me each week, where I'll break down complex topics and dissect the latest news within the cybersecurity industry and blockchain ecosystem, simplifying the world of tech.

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