cyber security, cyber security threats 5 Cyber Security Stats Businesses Should Know

Cyber security can cause both short- and long-term issues for businesses of all sizes. However, many small- to mid-sized companies feel as if they’re not large enough to be targeted by cyberattacks. These cyber security stats might be an eye opener for local business owners.

5 Cyber Security Stats to Keep in Mind

1. Small Businesses Account for Approximately 58 Percent of Cyberattacks

One of the most recent cyber security studies conducted by Verizon found that approximately 58 percent of cyberattack victims were small businesses with fewer than 250 employees.

The reason for this is that cybercriminals know that, in general, small businesses have less robust security systems than large companies. It’s typically much easier to infiltrate a small business’ network than a large corporation’s.

2. Phishing is the Leading Cause of Cyberattacks Worldwide

A 2018 report found that phishing accounted for 55 percent of business network breaches across the globe, making it the most common type of cyberattack.

Phishing refers to spoof emails that appear to be legitimate, which then result in the recipient getting hacked or scammed. Understanding how to recognize and avoid phishing attacks is the best possible way to prevent them.

3. The Average Time to Detect a Cyberattack is 197 Days

According to IBM, it takes the average company 197 days to identify a data breach and another 69 days to fully contain it.

During this time, a hacker can steal an outrageous amount of sensitive data from a company. This is why behavior monitoring software and intrusion prevention systems are absolutely crucial today.

4. IoT Devices can be Hacked within 5 Minutes of Installation

A cyber security firm set up honeypots, which are lures that are set up to attract hackers, in order to test how frequently Internet of Things (IoT) devices get hacked.

They found that within the first five minutes of installation, hackers used factory setting usernames and passwords to try and infiltrate the devices. This cyber security stat highlights the crucial importance of securing IoT devices.

5. Ransomware is Expected to Cost Businesses $11.5 Billion in 2019

Ransomware attacks, which started becoming terrifyingly common in 2016, are expected to cost businesses an astounding $11.5 billion this year.

The cost of ransomware can come from paying the ransom, network downtime and purchasing new software if yours is locked. Even if your company doesn’t have billions of dollars in assets to lose, it’s not cheap to overcome a ransomware attack.

These are just a few of many unsettling cyber security stats. To prevent your company from becoming just another statistic on this list, consider investing in cyber security services to protect your network.

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