Here are the top 10 facts about cybersecurity that demonstrate the surge in cybercrime. But this shouldn’t come as a surprise as it seems like we are always hearing about new ransomware attacks, operations disruptions, or security breaches. Due to recent international events, even the White House is issuing alerts about potential cyber dangers.

There is also the COVID-19 epidemic, of course. Many cybercriminals, who saw a fresh chance ripe with potential, were simply more determined as a result. Millions of workers were abruptly forced to work remotely, and many of them are still doing so today. Most don’t have the strong network security seen in offices, and they also don’t know the right security procedures, which leaves them vulnerable to malicious hackers.

Businesses must now more than ever take cybersecurity seriously. It’s critical to first understand the threats you face in order to better comprehend the safeguards you may take to defend the networks of your company. Therefore, we have selected the top 10 facts about cybersecurity, some of which may surprise you.

1. SMBs are almost as likely as large corporations to experience a data breach
   • Small firms in the past didn’t need to worry as much as bigger ones. According to the most recent Verizon 2021 Data Breach Investigations Report, this is no longer the case. 
2. Phishing attacks, which continue to be the most common form of cybercrime, had a 34% increase in victims in 2021.
   • The most recent FBI report contains a number of other shocking statistics related to the cybersecurity sector. In particular, email is still the main entry method for cybercriminals. This emphasizes how crucial staff cybersecurity awareness training is.
3. Ransomware attacks affected 3 out of 4 businesses, an increase of 61% from 2020.
   • As revealed by Mimecast, 64% of those firms paid the ransom, yet four in 10 never regained their data. Invading networks and controlling access to files, ransomware frequently demands money in exchange for the restoration of systems and threatens to destroy them if the ransom is not paid.
4. An average ransomware assault costs $250,000 per hour of downtime.
   • This is supported by Acronis’s 2021 SMB Cyberthreat Landscape report. A security breach affects a company’s entire operation, not simply its employees. A business could suffer financial losses, but there’s also a good chance that it will lose the trust of its clients.
5. The main hurdle to IT security is now employees who don’t adhere to rules (28%).
   • As noted by Untangle’s 2021 SMB IT Security Report, this situation was only compounded by the growth in remote workers owing to the pandemic. Many staff aren’t comfortable utilizing VPNs, which leaves the door open to risky situations like unauthorized network access. These kinds of human error situations are anticipated to increase because many firms report that at least a portion of their workforces will continue to work remotely.
6. The FBI recorded a 137% rise in losses from tech support fraud over the previous year.
   • Tech support scam victims unintentionally give sensitive information to a person acting as technical help or customer service. This statistic underscores how crucial it is to thoroughly investigate potential supply chain vendors and only work with dependable service providers.
7. Data breaches in the US are more expensive than anywhere else in the world, with the typical attack costing $4.24 million.
   • The average total cost of a data breach has climbed by about 10% since last year, according to IBM’s most recent Cost of Data Breach Report. In the previous seven years, that is the largest yearly increase. Compared to those who fall behind, organizations with a more advanced security posture fared better. The harm from a damaged brand reputation and decreased client loyalty is frequently incalculable.
8. The average time to find and stop a breach is 287 days.
   • IBM provides us with this astounding information yet again. If granted unrestricted access to your networks, can you imagine the harm that hackers may cause or the volume of client data they could steal? Modern cybercriminals can hide inside networks for months while obtaining critical data, making it easy for them to operate undetected. Learn how to spot the telltale symptoms that your computer has been hacked and arm yourself with knowledge.
9. 82% of businesses claim to have increased their cybersecurity budgets in the previous year.
   • Security and risk management continue to be major factors in IT spending in businesses. According to Accenture’s State of cybersecurity resilience 2021 report, these sums represent up to 15% of all IT expenditures. Cybersecurity initiatives need to be spearheaded by business executives that prioritize it inside their firms.
10. Only 28% of small organizations claimed to have a plan in place for responding to cybersecurity incidents.

    • Furthermore, nearly half (42%) of respondents claimed they have no plan at all. According to a CNBC poll of small businesses last fall, such is the case. Your company could be most at risk from a cyberattack. To deal with this growing threat, it is essential for businesses to develop a strategy for risk mitigation and a business continuity plan.

      These Top 10 Cybersecurity Facts should serve as a wake-up call. Do you want to know how your business is doing? Whether you operate in Washington, DC; Charleston, SC; or Charlotte, NC, we are here to help with your cybersecurity.  We offer cybersecurity training for employees, Zero Trust Application, Endpoint Detection and Response (EDR), Password Manager, Virtual CIO & Digital Advisor services, and can assist you with checking off the boxes on your cybersecurity insurance audit.  

      You may achieve enterprise-level security even if your company is small and has a tight budget.  Contact us today for a free IT consultation.  We are happy to help!