If you think your business doesn’t need cyber security to protect its sensitive data, check out some of the staggering cybercrime facts posted by Security Intelligence earlier this month. We’ve listed the top five we think are especially important, but all the facts can be found here.
- The global cost of cybercrime will reach $2 trillion by 2019, a threefold increase from the 2015 estimate of $500 billion.
- Last year, IDG Enterprise detected 38% more cyber security incidents than the year prior.
- 48% of data security breaches are caused by acts of malicious intent. Human error or system failure account for the rest.
- For small and midsized organizations (SMBs defined as those with 100 to 1,000 employees), 60% of employees use the exact same password for everything they access. Meanwhile, 63% of confirmed data breaches leverage a weak, default or stolen password.
- Global spending to combat cybercrime will top $80 billion this year, with organizations increasingly focusing on detection and response because taking preventive approaches have not been successful in blocking malicious attacks.
What can we learn from these stats?
- Cybercrimes continue to rise each year at exponential rates across the globe and all industries because online threats evolve and become more complex with time.
- Hackers who intentionally want to harm companies and employees with unintentional intent to harm companies are both causes for data breaches.
- Employees should know and use good safety practices, especially regarding passwords. Don’t use weak passwords and the same password for different accounts.
- A response plan for a data breach is just as important as a prevention plan for a data breach.
Remember, no industry or organization is invincible from a cyber security attack. When it comes to a potential cyber security breach, it is better to be overprotected than underprepared. Many companies react to a cyber attack only after one occurs and after the damage is done, and they regret not taking precautionary measures.
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To view 21 more mind-boggling cyber security statistics read this.