Think you are immune to a Cyber Attack?
- Estimates indicate that 33 billion records will be compromised in 2023
- Roughly 45% of all cyber attacks are aimed at small businesses
- A ransomware attack can completely shut down operations
- A breach can create a lack of trust for existing customers and deter potential new customers
- Stolen intellectual property can result in significant loss of revenues
The Size of Cyber Crime Activity
- Data breaches resulted in 36 billion records being exposed in the first three quarters of 2020, according to RiskBased Security research. Despite this, the number of publicly reported breaches decreased by 51% compared to the same time last year.
- The use of malware increased by 358% through 2020, and ransomware usage increased by 435% compared to the previous year, according to a study by Deep Instinct. July 2020 alone saw a 653% increase in malicious activity compared to the same month in 2019.
- More than 90% of healthcare organizations suffered at least one cybersecurity breach in the previous three years, according to the U.S. Healthcare Cybersecurity Market 2020 report.
Cost of Cyber Crime
- Cyber crime costs organizations $2.9 million every minute, and major businesses lose $25 per minute as a result of data breaches, according to RiskIQ research.
- According to research by IBM, it takes 280 days to find and contain the average cyberattack, while the average attack costs $3.86 million.
- The global cybersecurity market will be valued at $403 billion by 2027 with a compound annual growth rate (CAGR) of 12.5%, according to Brand Essence Research. The firm states the cybersecurity market was worth $176.5 billion in 2020.
- The U.S. has the world’s highest data breach costs, with the average attack costing $8.6 million, according to IBM’s Cost of a Data Breach report.
Poor Cybersecurity Practices
The Digital Shadows Photon Research team found that more than 15 billion credentials from 100,000 data breaches were available on the dark web, of which 5 billion were unique. This included password and username pairings for music streaming services, online banking, and social media accounts.
- Cisco data estimates that distributed denial-of-service (DDoS) attacks will grow to 15.4 million by 2023, more than double the 7.9 million in 2018.
- DDoS attacks became more prevalent in 2020, with the NETSCOUT Threat Intelligence report seeing 4.83 million attacks in the first half of the year. That equates to 26,000 attacks per day and 18 per minute.
- More than four-fifths of data breaches in 2020 (86%) were financially motivated, according to Verizon’s 2020 Data Breach Investigations Report (DBIR).
- Security threats against industrial control systems (ICS) and operational technology (OT) more than tripled in 2020, according to Dragos Inc.’s Year in Review report.
- McKinsey insight finds 70% of security executives believe their budget will decrease in 2021, which will limit and reduce their spending on compliance, governance, and risk tools.
- Organizations must defend their networks, systems, and users against several major cybersecurity threats. For example, Verizon’s 2020 DBIR found that 70% of breaches were caused by outsiders, 45% involved hacking, 86% were financially motivated, 17% involved some form of malware, and 22% featured phishing or social engineering.
The Biggest Data Breaches in History
Major hacking events have seen organizations suffer costly losses of data, customer details, financial records, and personal information.
- An attack against internet giant Yahoo! in 2013 resulted in the loss of data from more than 3 billion accounts.
- The data breach of hotel firm Marriott-Starwood resulted in the loss or compromise of information belonging to more than 500 million consumers.
- A major data breach saw the details of 412 million FriendFinder users stolen in 2016, while a hack of Under Armor’s MyFitnessPal app in 2018 affected 150 million users.
- Approximately 143 million consumers were affected by an attack on Equifax in 2017, which ended up costing the business more than $4 billion. The organization was found liable for the breach and fined $425 million by the Federal Trade Commission.
- One of the most damaging attacks in history was the WannaCry ransomware attack, which first appeared in 2017. The virus infected more than 230,000 machines in 150 countries, causing damage of at least $4 billion.
- State-sponsored cyberattacks pose a major threat to organizations. Symantec data found that 19 people from China, 18 from Russia, 11 Iranians, and a North Korean had been indicted by the United States for state-sponsored activities and espionage.