Cyber security should be the concern of anyone who handles information within a business. It includes everyone from the CEO to the customer service agent who can access a person’s account information. Data breaches expose sensitive information, ruin company reputations, and cause regulatory fines. To combat these problems, companies need to update their defenses and provide training to employees continuously.
Hackers Attack Every 39 Seconds
Cybersecurity protects computer systems, servers, electronic systems, networks, mobile devices, and data from cyberattacks and malicious software. It also helps individuals and businesses prevent or mitigate damage from attacks that have already taken place, as well as the fallout of a cyberattack or data breach. There are many reasons why hackers attack. Some do it for fun or as a sport, but most hackers want to make money. A Data Breach Investigations Report states that financial motivations accounted for 86% of the breaches. It could mean holding files hostage until a ransom is paid (known as ransomware) or stealing personal information to carry out identity theft or selling on the dark web.
Other common types of cyberattacks include phishing, malware and cryptojacking. Phishing involves tricking someone into downloading a malicious program through email or a link. Malware is a computer program purposely designed to gain access to a system and exploit its weaknesses. Cryptojacking is a newer form of hacking that uses an individual or business device to mine cryptocurrency for the hacker. No matter what industry you work in, cyberattacks are a constant threat. It’s essential to take cybersecurity seriously, invest in employee cyber awareness training, and know where to get cybersecurity statistics. Ninety-five percent of all breached records come from three industries – government organizations, technology companies, and retail groups – because they contain sensitive customer information.
User Errors Cause 95% of Cyber Breaches.
There is one thing almost all cybersecurity breaches have in common – human error. Whether employees install software security updates too late or click on the wrong link in a phishing email, humans make mistakes that put the business at risk of cyber attacks. And while the technology to combat cybercrime has improved, it is still essential for employees to understand how to use these tools properly. Employee mistakes caused 88 percent of data breach incidents. Human errors were responsible for 95% of all cyber breaches. While this is a staggering figure, it is also not surprising. After all, studies have shown that employees are reluctant to admit their mistakes at work and fear being judged by management.
Human errors can have devastating consequences for businesses and can be costly in both direct and indirect ways. Direct costs can include monetary losses from lost productivity and recovering stolen information. Indirect costs for businesses can include reputational damage and a reduction in customer confidence, which can take several months or even years to recover. In addition, the longer a cybersecurity incident goes on without being detected, the more it will cost. Organizations must invest in security tools that see breaches as quickly as possible.
Cost of Cybercrime Is $10.5 Trillion a Year.
Despite the best cybersecurity measures, data breaches continue to occur alarmingly. And the consequences are devastating. They include financial damage, reputational harm, loss of customer trust, and more. The total costs of cyberattacks are expected to reach $10.5 trillion a year by 2025. It is a staggering number, showing how vital cybersecurity is for every business. Saying that cyberattacks are potentially even more dangerous than nuclear weapons, Warren Buffet refers to them as “the single biggest problem with mankind.”
Small and medium-sized businesses lose the most because they need more money to implement an adequate security solution. As a result, they are the most common victims of ransomware and malware attacks. Attackers will encrypt your business information and demand a fee for the key. The average ransom amount was more than $300,000 in 2022.
The healthcare industry is another primary target for hackers because they have antiquated systems and fewer cybersecurity protocols than other sectors. The industry is now even more vulnerable due to the quick transition to remote work and telehealth services brought on by the COVID-19 pandemic. Hackers also exploit weaknesses in the Internet of Things (IoT) and mobile devices to access sensitive information. The IoT has become the most common source of malware infections and is responsible for over half of all cyberattacks.
The Top Industry Targets for Cyber Attacks
Every business is vulnerable to cyber attacks, but some industries are more likely to be targeted by hackers. For example, healthcare institutions are rich targets for attackers because they contain sensitive patient data. Financial fraud and identity theft are possible with the use of this data. In addition, many healthcare organizations have a complex supply chain that makes them more susceptible to attacks from various sources. Retail businesses are another common target for cyber-attacks because they often contain large amounts of payment information and credentials. It makes them a favorite target for ransomware attacks, which account for 37% of all breaches reported in 2022. The automotive industry is also a popular target for hackers because it contains several vulnerabilities that can be exploited to steal information or cause disruptions in the production process. Law firms and legal services are also lucrative targets for hackers because they often contain confidential information, including client and employee data, contracts, marketing strategies, and financial information. Additionally, many law firms use outdated and underpowered cybersecurity solutions, which make them easy targets for hackers. The not-for-profit sector is also a frequent target for cyberattacks, mainly because it tends to possess confidential data and has weaker security measures than other businesses.
