17 alarming reasons it’s time to safeguard your business from cyber-attacks
By now, you’ve probably heard the warnings so much that they’re becoming background noise: Cybercrime is rising at an alarming rate, and it’s no longer a matter of if a business suffers an attack, but when.
Unfortunately, there really is substantial cause for alarm. Headlines are dominated by reports of massive data breaches against seemingly impenetrable corporate giants like Equifax, Target, and JPMorgan, and angry consumers are quick to shun companies they blame for giving hackers access to their most sensitive information.
In fact, the Securities and Exchange Commission estimates that half of the small businesses that suffer a significant cyber-attack are forced to shut down within six months.
Cybersecurity best practices are no longer just a good idea – they are a necessity. But don’t just take our word for it. We’ve compiled the latest statistics about cybercrime – and the trend they reveal is frightening.
Consider the facts behind cybercrime’s threat to every business:
- There is a hacker attack every 39 seconds, impacting one in three Americans every year.
- Since 2013, there have been 3,809,448 records stolen via breaches every day. 158,727 per hour. 2,645 per minute. 44 per second.
- More than 4,000 ransomware attacks have bombarded businesses daily since the beginning of 2016. Ransomware damage is expected to hit $11.5 billion by 2019, with a business falling victim to a ransomware attack every 14 seconds.
- The average cost of a data breach is projected to exceed $150 million in 2020, as more business infrastructure gets connected.
- 43 percent of cyber-attacks target small businesses.
- $3 billion was lost in the last three years to email scams that lurk inside the inboxes of more than 400 companies every day. Think about how many emails you receive every week and consider that 1 in 131 contains malware – the highest rate in five years.
- 64 percent of all companies have suffered web-based attacks. 62 percent have fallen victim to phishing and social engineering attacks. 59 percent were attacked by malicious code and botnets. 51 percent experienced denial of service attacks.
- The financial services sector is attacked 65 percent more often than other industries – with a whopping 937 percent increase in attacks in 2016.
- More than 75 percent of the healthcare industry has been infected with malware.
- 58 percent of cyber-attacks in the financial industry and 71 percent of attacks in the healthcare industry come from the inside.
- More than 80 percent of cyber-attacks are perpetrated via weak or stolen passwords.
- Global cybersecurity spending is expected to hit $1 trillion between 2017 and 2021. Cybercrime will more than triple the number of unfilled cybersecurity jobs, which are expected to reach 3.5 million by 2021. In fact, 44 percent of security alerts currently go uninvestigated due to the overwhelming amount of information received by security officers.
- The median number of days that attackers stay dormant within a network before detection is more than 200.
- The S. suffers the most data breaches of any county – by a staggering amount. There were 1,013 data breaches in the U.S. in 2016. By comparison, the U.K. suffered the next-highest amount: 38 data breaches.
- Most cyber-attacks occur in the middle of the work week when criminals can easily contact prime targets by email.
- Former employees pose an alarming threat: More than 25 percent of employees admit to stealing company data when they leave a job.
- Only 38 percent of organizations believe they are preparedto handle a sophisticated cyber-attack.
Global damages from cybercrime are predicted to cost $6 trillion a year by 2021, and it’s more important than ever to be ready for the ever-evolving threats cybercriminals pose. It’s time for American companies to stop playing catch up and step up their defense. The cybersecurity labor shortage makes it difficult to hire in-house staff, but an experienced cybersecurity provider can help you quickly, easily, and affordably build a solid strategy to prevent cybercrime before an attack wreaks havoc upon your bottom line.
CyberGuard360’s clients across four states and 40 industries are guided safely through the threat landscape. Our wide array of services includes system security suites, risk assessment, education, and training and disaster recovery, and we specialize in helping New York companies comply with 23 NYCRR 500. If you’d like us to put our expertise to work for you, we’d be happy to help. Call us at 844-315-9882 or use our contact form for a free consultation.