Critical Cybersecurity Statistics for Your Business

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Cybersecurity. We hear the term all the time, but what does it mean for our personal and business security. Here are some important facts and statistics to keep you up-to-date on the latest in cybersecurity, data breaches, online protection, hacker attacks, and more.

High Profile Breaches

High profile data breaches are nothing new. Over the past few years, even more, well-known businesses have been the victims of attacks, despite their security vigilance.

  • One of the biggest breaches of all time occurred in 2016 when 3 billion Yahoo accounts were attacked. Source: Oath.

  • Also in 2016, Uber reported that the info of more than 57 million riders and drivers was stolen.

  • One of the biggest breaches of 2017 happened when the information of 147.9 million consumers was jeopardized when Equifax suffered a massive data breach.

  • In 2018 the popular Under Armor fitness app, “My Fitness Pal” was hacked, affecting 150 million users. Source: Under Armor.

  • According to statistics from Accenture, there are more than 130 large-scale, targeted cybersecurity breaches in the US per year, and that number is growing by 27 percent per year.

The Cost of Breaches

Now that we have looked at some of the most high-profile cybersecurity incidences, let’s explore costs associated with these attacks.

  • In 2017, cybercrime costs increased by 23 percent over 2016, resulting in organizations spending an average of $11.7 million to protect their data. Source: Accenture.

  • According to the same source, the average cost of a malware attack is $2.4 million and 50 days.

  • According to Time Magazine the Equifax cyberbreach has cost the company more than $4 billion.

  • Ransomware damage costs continue to increase, exceeding $5 billion in 2017, which was 15 times the expense in 2015. Source: CSO Online.

  • With no end in sight, damages related to cybercrime are projected to hit $6 trillion annually by the year 2021. Source: Cybersecurity Ventures.

As you can see, cybersecurity breaches are costly, time-consuming, and damaging to your reputation and customer relationships. Don’t leave your business vulnerable; learn about managed IT security.