Cybersecurity statistics are essential for maintaining network security and developing an incident response plan. They also give insight into the risks and costs of data breaches, as well as the technologies that protect against them.

Cybersecurity is an increasingly pressing concern that has caused immense harm to businesses and people around the world. It’s a serious matter and an ever-expanding market.

1. Ransomware is on the rise

Ransomware is one of the most destructive forms of cybercrime. It infects computers and locks down files, often threatening data destruction if victims do not pay a ransom.

Malvertising software may come in various forms, such as an attachment from spammed emails, downloads from malicious web pages through malvertisements and drops by exploit kits on unprotected systems. Furthermore, more sophisticated attacks may include the deployment of malvertising software as part of a larger campaign.

Ransomware continues to spread, yet there are a few major obstacles to overcome. Most significantly, lack of cybersecurity expertise among many individuals and organizations worldwide.

Cybercriminals can launch attacks with minimal effort due to the increasing interconnectivity of businesses, making it simpler for hackers to spread malware throughout organizations with little effort.

2. The average cost of a data breach is $2.5 million

Data breaches occur when private or confidential information is stolen, copied, transmitted or used with malicious intent. Common types of breaches involve financial details, health records, trade secrets and intellectual property.

According to IBM’s new report, the average cost of a data breach has increased 10% year-over-year to $2.5 million. This represents an increase of 10% over 2019.

Businesses face more than just financial costs from breaches; they must also consider the time that is lost due to unavailability. On average, small companies experience an hourly cost of $8,500 due to downtime after a breach.

Organizations that establish an incident response team, practice their IR plan and utilize risk quantification can better estimate the cost of a breach and prioritize security initiatives accordingly. On average, companies with these measures in place save $2.66 million annually compared to those without.

3. More than half of all data breaches are unreported

Data breaches have become an ongoing problem, with cybercriminals stealing sensitive personal information from businesses and consumers alike. These breaches can have far-reaching effects for both individuals and organizations alike, including identity theft and fraud.

Unfortunately, many of these attacks go undetected, making it difficult to determine their severity. Deloitte estimates that more than half of all data breaches go undetected.

Unfortunately, companies often don’t prepare for or know how to report a data breach. Furthermore, cybercriminals tend to conceal their attacks better than organizations do.

4. More than half of all data breaches are caused by human error

Human error, whether from hackers guessing passwords or employees falling for phishing attempts, remains a serious problem. According to Egress’ Insider Data Breach Survey 2021, 94 percent of organizations have experienced insider data breaches within the past year.

According to the survey, 84% of IT leaders identified human error as a leading cause of serious incidents, with over one-fifth (21%) citing it as their top concern.

Errors can occur for many reasons, such as lack of opportunity or an unfavourable environment. Unfortunately, these mistakes often lead to costly damages that take time to fix.

Data breaches often go undetected for months or even years, so it’s essential that your company has a robust and secure system in place. Furthermore, training employees on how to recognize signs of phishing attacks will help avoid breaches before they happen and also boost your chances for receiving compensation for losses sustained.

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