Want to know why you should be proactive in dealing with cyber threats? Read the latest cybersecurity statistics below.
Hackers are increasingly targeting small business owners. This is because small businesses have more data than individuals but weaker security than large corporations.
We have collected the latest cybersecurity statistics to help you understand the risks small businesses face these days.
Top Cybersecurity Risks and Trends of 2022
With the growing trend of hybrid working and the use of cloud technology, cyber risks have multiplied.
Business leaders can expect more incidents of attack surface expansion, data security breaches, digital supply chain attacks, ransomware attacks, distributed denial-of-service (DDoS) attacks, identity theft, and remote code execution attacks than in the previous year if they don ‘t take proactive cybersecurity measures.
Also, hackers will increasingly launch zero-day exploits due to increased media attention and hefty ransoms.
The cybersecurity statistics mentioned below will help you understand cybersecurity issues and security threats businesses face nowadays.
Which Industries are Most Vulnerable to Cyber Crime?
According to the IBM Security X-Force report, cybercriminals targeted the manufacturing industry most in 2021, followed by finance & insurance, professional & business services, energy, retail & wholesale, and the healthcare industry. The report also notes that ransomware attacks were the top cyberattack type in 2021.
What is the Growth Rate of Cybersecurity?
The value of the global cybersecurity market was $150.37 billion in 2021. And the cybersecurity industry is expected to touch $317.02 billion by 2027. This will create a strong demand for talented security professionals to meet the growing cybersecurity challenges.
25 Critical Cybersecurity Statistics
Dealing with any type of untoward cybersecurity incident can be pretty scary for businesses, regardless of their size. These days, when one can easily buy a ready-to-deploy exploit kit on the dark web, businesses should be extra careful to stay safe from cybersecurity threats.
It is always better to address insufficient security measures and train employees to minimize human error to strengthen your defense.
From cybercrime stats to industry-specific cyber stats, we have assembled here everything you should know to understand cybersecurity trends.
Let’s dive in:
1. According to an FBI report, there were a record 847,376 complaints of cybercrime reported by the public in 2021.
2. SMBs lost $212,000 in 2021 due to cyber incidents that affected suppliers with whom they share data
3. There were 50% more cyberattacks per week on companies compared to 2020
4. According to research done by Cybersecurity Ventures, cybercrime costs will reach $10.5 trillion annually by 2025
5- Ransome cost from ransomware attacks is increasing like anything. In 2021, an insurance company reportedly paid $40m to hackers
Industry-Specific Cyber Attacks
If you’re searching for industry-specific cyberattacks, the following data from the IBM Security X-Force report may surprise you:
6. If you work in the manufacturing industry, you should increase your security spending. This is because the manufacturing industry had 23% of total cyberattacks in 2021. And vulnerability exploitation was the top infection victor at manufacturing industries, followed by phishing attacks.
7. The financial institutions, which used to have the most cyberattacks earlier, witnessed 22% of total attacks. Phishing was the most common infection victor for financial institutions.
8. If you’re wondering how many cybersecurity attacks happened in the healthcare sector in 2021, the answer is 5%. And vulnerability exploitation was the top infection victor at healthcare organizations.
9. When it comes to cyberattacks, no one is immune, even government agencies. 3% of total cyberattacks were targeted towards government organizations.
10. With only 2.5% of total cyberattacks, the media industry was the least attacked industry in 2021. The ransomware attack was the most common attack type that targeted media organizations.
The retail and wholesale industry had 7% of the total cyberattack in 2021. As you can see from these cybersecurity statistics, no industry is safe from cybersecurity threats.
So, you should make a reasonable budget for cybersecurity spending to hire talented cybersecurity professionals, adopt zero trust modal, and train your employees on the best cybersecurity practices.
Also, you should encrypt your sensitive data and have good cyber insurance to stay safe.
Cyber Attack Statistics
11. By 2023, Cisco analysts estimate that DDoS attacks will grow to 15.4 million. That’s more than double the 7.9 million attacks in 2018.
The following cybersecurity statistics from X-Force Threat Intelligence Index will surprise you:
12. A ransomware attack, which is a type of malware attack, was the top cyberattack type in 2021. In fact, 21% of total cyberattacks were ransomware attacks.
thirteen. Server access attacks made 14% of total cyberattacks in 2021
14. Credential harvesting attacks accounted for 7% of total cyberattack incidents in 2021
15. Phishing, having been observed in 41% of cyberattacks, emerged as the top infection victor in 2021. And other top threat victors included vulnerability exploitation, stolen credentials, Brute Force, remote desktop, removable media, and password spraying.
Data Breaches Globally
The following stats from IBM research will help you understand the global data breach landscape:
16. The global average cost of a data breach (total) is $4.24m. Are you curious about the average cost of a data breach per record? The average cost of a data breach per record (per capita) is $161.
17. Healthcare organizations suffer most when it comes to the average total cost of a data breach industry-wise. The average total cost for a healthcare data breach is $9.23 million.
18. 44% of data breaches include customer personally identifiable information (PII).
19. It takes an average of 212 days to identify a data breach and an average of 75 days to contain a data breach.
20. The use of encryption can significantly lower the cost of data breaches. Companies employing high standard encryption have a total cost of a data breach 29% lower than the companies having low standard or no encryption.
US Data Breach Statistics
21. With an average attack costing $8.6 million, the US has the highest data breach cost in the world, according to IBM.
22. The United States has witnessed 2,953 publicly reported data breaches throughout 2021. The number is 11% up from last year.
23. The healthcare industry is seeing an increasing number of data breaches. The healthcare industry reported 4,419 data breaches of 500 or more records between 2009 and 2021.
24. California, having more tech and internet companies than any other state in the US, suffers the most data breaches in the country.
25. The United States suffers from the most data breaches worldwide.
What Can You Do to Protect Your Small Business from Cyber Threats?
To protect your small business from cyber threats, you should spread cybersecurity awareness throughout your organization, enforce a strong password policy, strengthen email security, boost Wi-Fi security, purchase the latest cybersecurity tools, and secure your payment processor.
Even though you have done away with poor cybersecurity practices, untoward cyber incidents can happen due to human error. So, you must buy good cyber liability insurance.
Now that you know the latest cybersecurity statistics. The next step is strengthening your cybersecurity to avoid/minimize any incident of a security breach, malware attack, phishing attack, or any other type of cyberattack.