15 Alarming Facts Every Modern Business Must Know
Updated: Nov 18
Cybercrimes have peaked following the pandemic. In the past few weeks, the US media has been abuzz with reports of sophisticated cyber security breaches into high profile government organizations causing distress and uncertainty amongst the business community who has become increasingly reliant on technology to conduct operations. Although more and more resources are being deployed each day to counter these attacks, businesses are still playing catch up with their technology in an environment where hackers have progressive skills at their disposal.
Businesses today must know what the current information security and cybersecurity industry looks like considering these alarming 15 alarming facts and stats.
1. Small Businesses Are Most Likely To Fall Victim
If your business is identified among small businesses, then it’s likely that your company is on a hacker’s list. The inability of small businesses to invest in a strong cyber security system makes them more appealing to hackers. The aftermath of cyber-attacks on small businesses unfortunately is bankruptcy, the Denver Post,2016 states.
2. Big Data Hacking Trend
Recent trends involve hackers leveraging the ubiquity of the internet to launch their attacks. For instance the record breaking Collection #1 which contained 1 billion email addresses and passwords were breached. Another incident revealed a breach of data from 202 million Chinese citizens and FBI investigation database.
3. MS Office Is A Primary Target
Latest hacker trends show an affinity to MS office documents in email phishing expeditions to spread viruses and malware in-office computers. Since word documents or excel sheets are more commonly circulated among work colleagues and clients, attaching infected MS office documents serves as a smarter trap than sending dodgy links.
4. Cost of Data Breach is on the Rise
The cost of average data breach has increased by 6.4%. Where the global average stands at $3.86 million, in the US it amounts to $7.91 million implying that US businesses are most susceptible to a breach.
5. Ransomware is Undoubtedly a Threat
As the name implies, ransomware hijacks sensitive data and information of a company and demands a ransom (preferably in bit coin). These attacks have costed $11.5 billion to businesses and individuals as a whole this year. Local government entities are pinned as a main target for ransomware attacks.
6.Global Cost Of Malware to Spike
The global cost of malware is predicted to rise up to $6 trillion by 2021. In 2015 the global cost was $500 billion which has quadrupled in 4 years.
7. Rise in Crypto-Jacking
Crypto jacking, or in other words crypto-mining has recorded a substantial increase. Statistics reveal that 5-8 million attempts are made each month which adds upto aan alarming 96 million attempt annually. These cyber-attacks infect mobiles and computers via email and ‘mines’ cryptocurrency - a virtual form of currency that acts as a medium of trade, typically utilized in banks to ease the process of international transactions.
8. Mobile Devices Are Vulnerable Too
Viruses and malware are capable of tunneling their way into mobile devices. In the case of androids, older versions will not be eligible security updates making them vulnerable to attack. iPhones on the other hand become vulnerable to mobile malware if the device is jail broken and has downloaded third-party apps. However, statistics suggest that 24,000 malicious apps are blocked every day which are hidden in both apple and android app stores.
9. Not Prepared Enough
Out of 4,000 companies 70% were found unprepared to face down a security breach. The survey suggests that home networks or businesses have still not taken basic cyber security measures to protect their computer systems and information.
10. Phishing Attacks Have Taken A Modern Twist
Phishing is a type of malware which maliciously infects a computer system to extract login credentials and credit card details, typically by duping victims to open infected emails or instance messages disguised as trusted entities. The most recent type of phishing expeditions named as Island Hopping merely alters wired transaction details of a confidant the victim had previously conducted transactions with. These reports suggests that simple phishing expeditions have now increasingly become more invasive and sophisticated. Furthermore reveal that 9 out of 10 cyber-attacks begin with a simple phishing email.
11. Emails Are The Bait Of Malware
In a survey of 50,000 cyber security breaches, it was found that 92% of the infections were transmitted via email.
12. Cyber Attacks Are Financially Motivated
The Verizon’s 2018 breach investigation report revealed that 76% of cyber-attacks are financially motivated. Companies incur losses in billions and pushed to bankruptcy after a breach. Furthermore, statistics say that73% of cybercrimes are perpetrated by people outside of the organizations.
13. Majority Of Consumers Do Not Trust Companies With Their Data
Only 25% of consumers believe that companies will handle their personal sensitive information with care. This percentage can be justified by reports of an alarming number of organizations found falling victim to cybercrimes.
14. More Companies Are Enacting Privacy
A trend has been seen among companies taking proactive measures to enact cyber security strategies most likely adopted as a response to defeat the earlier discussed consumer trust dilemma. These measures are ought to be taken since statistics suggests that companies do not take adequate precautionary measures yet to protect sensitive data and information of both consumers and the business in spite of alarming reports of cyber-crimes.
15. How Distressed Is America Over Cybercrimes?
Statistics suggest that a staggering 70% or more are worried about their personal data being stolen from their computers and online networks. Relative to the percentages of people distressed about terrorist attacks or violent crime, cyber security has become a far greater concern.
Undoubtedly these alarming statistics could drive you to an episode of insomnia. But the wisest approach to these warnings is to put in place an effective defense mechanism against cyber threats. Here at CSG Technologies, we provide expert help to ensure your company’s cyber security by helping you calculate risks and implement pervasive strategies. Contact our professionals today to make your business secure.