The advent of digital technology makes it impossible for many 21st-century businesses to only operate offline. Many business processes need the web to run more smoothly and efficiently.
In fact, businesses and even governments rely on technology to function. They often store a great deal of data on computers and transmit them across networks. Sending and receiving information can be done in the blink of an eye. It is now easier than ever to consolidate data from a variety of sources, making it more efficient to streamline important records in the medical, government, corporate or financial sector.
But the cyber world isn’t perfect. Computers and their underlying systems are prone to attacks, which can lead to devastating consequences. A cyberattack could be the reason consumers lose their faith in a business. Being unaware of the importance of cybersecurity could cost your company its reputation.
What Is Cybersecurity?
Cybersecurity, sometimes called information security, is the practice of protecting and recovering networks, devices, and programs from cyberattacks. It ensures the integrity, confidentiality, and availability of information.
Cybersecurity is made up of tools designed to protect internet-connected systems from unauthorized access and attacks.
An ideal cybersecurity system makes sure that all three pillars are addressed: people, processes, and technology. This means that every employee must be aware of the role they play when it comes to preventing cyber threats.
The same must be said about the processes, where every process must be clearly defined and follow a framework in dealing with attempted or successful cyber attacks. Technology is also being utilized to reduce the possibility of cyber breaches. This may be implemented in the form of antivirus software, malware protection, firewalls, DNS filtering and email security solutions.
Why is Cybersecurity Important?
Since most data and information are now accessible online, the threat of cyberattacks are becoming more and more common. But the underlying vulnerabilities of systems and networks can be easily exploited, leading to devastating — and sometimes irreversible — consequences.
Imagine a cyber attack happens and a large part of your company’s data gets stolen. This will affect not only your business operations but it might also ruin your standing in front of your customers, partners, and stakeholders. This might lead to financial losses, or worse, bankruptcy.
Cybersecurity threats can vary from phishing and ransomware to malware and social engineering. Because these forms of attack are evolving and becoming more sophisticated, it is only sensible to remain safely guarded from them with the help of cybersecurity.
Beyond depending on the reliability of cybersecurity approaches, you should also make sure to get to know the state of cyber security in 2019. Here are some trends and statistics on cybersecurity to keep an eye on.
Cybersecurity Facts and Statistics You Need to Know
1. The average attacks against organizations has increased by 67% in the past five years.
From 130 in 2017, the average number of attacks against organizations in 2018 has risen to 145. In fact, there has been a 67% increase in security breaches in the past five years. Cybercriminals’ methods are increasingly well-developed and sophisticated. And experts anticipate the use of AI. Just like the way cybersecurity firms employ technology to detect unusual behavior, cyber attacks can also learn the behavior of security systems and effectively detect the best way to exploit and attack.
2. 90% of all security breaches stem from human error.
According to Kaspersky Lab, security incidents, especially those that take place in public cloud infrastructures, were rooted from employees’ actions. Most of these cyberattacks target employees.
These breaches can happen from downloading a malware-infected attachment or simply by failing to use a strong password. Some employees are even tricked into handing over data and important credentials through the use of social engineering.
On the other hand, 97% of companies with the best cyber measures utilize an extensive staff-training program. The lesson here is that, to strengthen cybersecurity efforts, it is ideal to raise awareness and teach your employees about their responsibilities in safeguarding cybersecurity.
3. Information leaks are among the costliest consequences of cyberattacks.
The cost of cyberattacks can be grave and devastating. Many attacks lead to information leaks. This consequence has led to organizations losing almost $6 million every year. When customer data and other important information reach the hands of bad actors, the financial repercussions can be terrible.
Most businesses suffering from data breaches have to compensate affected clients. Additional costs in setting up response efforts and credit checks can also chip away a good chunk of the budget.
Customers will start losing trust in your company. They might start looking elsewhere and you will be left struggling to bring in new customers.
4. The US consumer losses to cyber attacks reached $19.4 billion in 2017.
It’s possible that some of the biggest victims of cyber attacks are the consumers. In 2017, they lost a total of $19.4 billion. Consumers are being duped by malware, along with password loss and fraud.
Security experts warn ordinary people to be vigilant online. Being aware of the severity of online attacks and thefts can help many of them avoid the pitfalls of security breaches.
5. A study from the University of Maryland found that a hacker attack happens every 39 seconds.
Hacking is another common security breach. Experts from the University of Maryland said that a hacker attack can happen every 39 seconds. They also found that most attackers make use of simple brute force “dictionary” software. This tool tries to open computers by guessing account names and password combinations.
Many found that the most common passwords are number sequences like “12345.” Others simply use variations of “username.”
6. Seven out of 10 businesses are unprepared for a data-breach emergency.
It has long been established that no organization or company is completely safe from cyberattacks. Even so, it is worrying to note that 70% of businesses actually fail to prepare for a data breach.
Businesses that experience a data breach involving confidential information and intellectual property are often unprepared when an emergency strikes. The lack of planning and preparation contributes to huge losses amounting to more than a million on average.
7. A projected 146 billion records will be exposed in a five-year period.
Between 2018 and 2023, a total of 146 billion records are projected to be exposed. Since most of the valuable information is found in the United States, the country is expected to see an increase in hacking and other security-breach incidents. In 2023 alone, a projected 33 billion records will be stolen by cybercriminals.
As modern technology advances, the methods of cybercriminals are getting more and more sophisticated. Hence, cybersecurity risks are also increasing. Since cyberthreats can happen to any organization, it is only advisable for you to stay vigilant and prepared for any type of emergency.