Better Safe Than Sorry: Cybersecurity Statistics

AMATAS Ocean investments Cybersecurity.

In 2023, the need for robust cybersecurity measures has never been more critical. With cyber threats becoming increasingly sophisticated and diverse, individuals, small businesses, and governments must stay ahead of the latest cybersecurity trends to protect their data, financial assets, and critical infrastructure.

In this article, we will discuss the latest cybersecurity statistics and trends, including the growing cybersecurity market, the rise in cybercrime damage, security breaches, cybersecurity spending, the shortage of cybersecurity professionals, and specific trends in healthcare, finance and crypto, and enterprise cybersecurity.

Cybersecurity issues and threats

Cybersecurity threats and issues refer to the various types of security risks that arise due to the increasing reliance on computer systems DDoS attacks and networks in our daily lives.

With the growing number of connected devices and the increasing amount of sensitive data stored online, cybersecurity threats have become more diverse and sophisticated over time.

Some of the most common threats and issues include:

Malware

Malware refers to malicious software that is designed to infiltrate computer systems and networks to damage, disrupt, or steal sensitive data.

Phishing

Phishing is a type of ransomware attack that involves tricking individuals into revealing sensitive information, such as passwords or financial information, by posing as a trustworthy entity.

Ransomware attacks

A ransomware attack is a type of malware that encrypts an organization’s data, preventing access until a ransomware attack is paid.

Data breaches

Data leaks involve unauthorized access to sensitive data, such as personal information or financial data, often resulting in identity theft or financial fraud.

Insider threats

Insider threats refer to security risks posed by individuals within an organization who have authorized access to sensitive data but misuse it for personal gain or inadvertently cause potential security breach.

Distributed Denial of Service (DDoS) attacks

DDoS attacks involve overwhelming a network or website with traffic from multiple sources, resulting in service disruptions or outages.

Cybersecurity Market Statistics and trends

The global cybersecurity market has seen a significant surge in recent years, and this growth is expected to continue in 2022 and beyond. According to market research, the global market is predicted to reach the United States a whopping $403 billion by 2027, growing at a compound annual growth rate (CAGR) of 12.5% from 2020 to 2027.

The rise in cyber threats

The rise in cyber threats and the need for robust data protection measures have been the primary drivers of this growth. As small businesses and governments become increasingly reliant on digital infrastructure and data storage, the risks posed by cyber threats have also increased.

As a result, cybersecurity solutions have become a crucial investment to protect sensitive data and infrastructure from cyber-attacks.

Covid-19

The COVID-19 pandemic has accelerated the adoption of digital technologies, increasing the need for cybersecurity solutions further. With more people working remotely and relying on online services for daily tasks, the risks of cyber threats have increased exponentially. This has resulted in increased demand for cybersecurity solutions, such as cloud-based security solutions, endpoint security, and network security, among others.

Cybercrime Damage Statistics

Cybercrime is one of the biggest threats to individuals, small businesses, and governments in the digital age. The cost of cybercrime damages is expected to double from $3 trillion in 2015 to $6 trillion by 2022, according to the Cyber Security Ventures Cybercrime Report. These damages include losses from data spills, theft of intellectual property, financial fraud, and other malicious activities.

The rise in cybercrime is due to the increasing sophistication of cybercriminals, who are continually developing new tactics and techniques to breach security systems.

SMEs and cybercrime

Cybercrime can be especially devastating for businesses, particularly small and medium-sized enterprises (SMEs) that may not have the resources to withstand a major cyber attack. The damages can include not only the cost of the cyber attack statistics itself but also reputational damage, loss of customers, and legal fees.

Data Breach Statistics

Data breaches refer to unauthorized access, theft, or exposure of sensitive data such as personal information, financial details, or intellectual property. The consequences of data leaks can be severe, including financial losses, reputational damage, and legal liabilities.

According to recent cyber security statistics, the number of data spills has been on the internet of things rise. Specifically, the first half of 2021 saw a significant increase in data breaches compared to the same period in 2020, with a 38% increase. This trend indicates a growing risk of cyber attacks and highlights the importance of implementing effective security measures to protect sensitive data.

Increased number of records exposed

The number of records exposed in these breaches also increased by 141% in the first half of 2021, indicating that hackers are increasingly successful in their attempts to access sensitive data. This highlights the need for stronger security measures and more advanced technologies to prevent and detect breaches before they occur.

Healthcare

The healthcare sector was hit the hardest, accounting for 26% of all data breaches. Healthcare organizations are particularly vulnerable to – cyber security attacks due to the sensitive nature of the data they handle, including personal health information and medical records. As a result, healthcare organizations need to prioritize cyber security and take proactive steps to mitigate the risk of data breaches.

Finance and insurance

The financial and insurance sectors also saw an increase in data breaches. These sectors handle sensitive financial information and are prime targets for cybercriminals seeking to access financial data or commit fraud. Thus, it is critical that financial and insurance organizations invest in robust cyber security statistics measures and remain vigilant against potential threats.

Cybersecurity Spending and Cost Stats

Global spending on cyber security is expected to reach $200 billion in 2022, up from $120 billion in 2017. This represents a significant increase in spending over a relatively short period of time.

One reason for this increase in spending is the growing number of cyber-attacks and data security breaches, which are becoming more frequent and sophisticated. As a result, businesses and organizations are investing more in cyber security solutions and technologies to protect themselves from these threats.

Small and medium-sized businesses

Small and medium-sized businesses are expected to increase their spending on cyber security solutions as they become more aware of the risks of cyber attacks. This is an important trend, as smaller businesses are often seen as more vulnerable to cyber attacks than larger organizations.

That is because they may have less robust security measures in place, and may not have the resources to invest in expensive cybersecurity technologies.

However, as cyber-attack threats become more widely recognized, smaller businesses are increasingly taking steps to cyber protect themselves.

Cost of a data breach

The cost of a data breach is increasing, with the average cost per record reaching $150 in 2020. This means that businesses and organizations that experience a data breach can face significant financial losses, as well as damage to their reputation and customer trust.

The costs of falling victim to a ransomware data breach can include expenses such as notification and remediation, legal fees, and lost business opportunities. As a result, many businesses are investing more in cyber security measures to prevent data leaks from occurring in the first place or to mitigate their impact if they do occur.

Cybersecurity Statistics – Workforce

There is currently a shortage of cyber security professionals globally. The shortage is expected to reach 3.5 million by 2022. The lack of qualified professionals means that many organizations are unable to keep up with the latest threats and implement effective cybersecurity measures. Healthcare Cybersecurity Stats

The healthcare industry is one of the most common types of targeted industries for cyber attacks due to the vast amounts of personal and sensitive data that it holds. This data can include patient names, addresses, social security numbers, medical records, and insurance information, all of which can be used for identity theft, insurance fraud, and other malicious activities.

Recent statistics for data leaks in the healthcare sector

In 2020, there were 599 reported data breaches in the healthcare sector, which resulted in the exposure of over 26 million records. This represents a significant increase from the previous year, and it underscores the growing threat that health care organizations face from cyber phishing attacks.

These breaches can be costly both in terms of financial losses and reputational damage. Patients may lose trust in healthcare providers if they feel their sensitive data is not being adequately protected.

The average cost per record

The average cost per record in the healthcare sector is $499, which is the highest among all industries. This means that the cost of a data breach in the healthcare industry can quickly add up and become very expensive. This cost includes expenses related to investigating the breach, notifying affected individuals, offering credit monitoring, and dealing with any legal or regulatory fallout.

What can healthcare organizations do to protect themselves?

To protect themselves from cyber attacks, healthcare organizations must invest in robust cybersecurity measures, such as firewalls, intrusion detection and prevention systems, encryption, and access controls. They must also train their employees on cybersecurity best practices and implement strict policies and procedures for data handling and access.

Finance and Crypto Cybersecurity Stats

As we’ve already stated – the finance and insurance industries are prime targets for cybercriminals due to the wealth of sensitive financial information that they hold. In recent years, these industries have invested heavily in cybersecurity measures to prevent attacks.

However, despite these efforts, cybercriminals are finding new ways to infiltrate financial institutions’ networks and systems.

Recent statistics on data breaches in the financial and insurance sectors

In 2020, there were 165 reported data leaks in the financial and insurance sectors. This resulted in the exposure of over 5 million records, including personal and financial information such as credit card details, bank account numbers, and social security numbers. These breaches can have serious consequences for both individuals and financial institutions, including financial loss, reputational damage, and legal action.

Crypto and cybersecurity statistics

The rise of cryptocurrency has also led to increased threats to the finance industry. Cryptocurrency exchanges and wallets are prime targets for hackers, who seek to steal digital currency by exploiting vulnerabilities in these systems. In recent years, several high-profile cryptocurrency exchanges have been hacked, resulting in millions of dollars in losses for investors.

Enterprise Cybersecurity Stats

Large enterprises are particularly vulnerable to cyber attacks due to their size and complexity. In 2020, there were 191 reported data leaks in the business sector, resulting in the exposure of over 5 million records. The average cost per record in the business sector is $146, which is higher than the global average of $150.

Trends in cybersecurity that have emerged in recent years:

Cloud security:

With the increasing adoption of cloud services, cybersecurity threats are also evolving. As more organizations move their data and applications to the cloud, the need for effective cloud security measures is becoming increasingly important.

Artificial intelligence (AI):

AI is playing a growing role in cybersecurity, both in terms of defending against threats and identifying potential attacks. Machine learning algorithms can help detect patterns in data that might indicate a cyberattack is imminent.

Internet of Things (IoT):

The proliferation of IoT devices, from smart thermostats to industrial control systems, has created new vulnerabilities that hackers can exploit. Protecting IoT devices and networks from attack is becoming a critical area of focus for cybersecurity professionals.

Zero trust:

The traditional model of network security, where users are granted access to certain parts of a network based on their role, is no longer considered sufficient. Zero trust security assumes that any user or device, even those within the network perimeter, could be a potential threat and requires continuous authentication and authorization to access resources.

Privacy concerns:

As data spills continue to make headlines, individuals are becoming more aware of the importance of protecting their personal data. This is leading to increased demand for privacy-focused products and services.

Cyber insurance:

As the cost of data leaks and other cyber attacks continues to rise, more companies are purchasing cyber insurance to mitigate their financial risk. Insurance companies are also offering more specialized coverage for cyber incidents.

Why we chose to invest in cybersecurity

We, at Ocean Investments, choose to invest in cybersecurity solutions because cybersecurity is an increasingly important issue in today’s interconnected digital world.

As more and more of our lives are conducted online, the risk of cyber-attacks and data leaks also increases. These attacks can result in financial losses, reputational damage, and even harm to individuals or organizations.

We support the growth and development of innovative technologies and companies

Investing in cybersecurity solutions not only helps to protect against these risks but also supports the growth and development of innovative technologies and companies.

By investing in cybersecurity solutions, Ocean Investments can help to ensure that small businesses and individuals have access to the tools and technologies they need to protect themselves and their data.

Our mission

Investing in cybersecurity solutions aligns with Ocean Investments’ mission to support sustainable and responsible investing.

As cyber threats continue to evolve and become more sophisticated, investing in cybersecurity solutions is essential to building a resilient and secure digital ecosystem for the future.

We believe that investing in cybersecurity solutions is not only a sound financial decision but also a responsible and ethical one. That’s why we’re proud to have Amatas as a part of our group.

How Amatas helps organizations with cybersecurity

Amatas provides fully managed cybersecurity services, including cyber governance, operations, and awareness, to companies of all sizes that have limited security resources or expertise.

The Amatas way

By continuously protecting businesses from cyber threats and attacks, Amatas helps companies build a strong culture of cybersecurity while reducing at least 50% of their cybersecurity insourcing costs. They assist companies in improving their compliance with regulations and cybersecurity standards. With a commitment to making our digital world cyber-secure.

Amatas’s mission

Amatas’ mission is to deliver competent, diligent, and cost-effective managed cybersecurity services while enabling customers to maintain control and realize their full potential without the fear of cyber threats and attacks.

By focusing on security and integrity, transparency and reactivity, and making an impact, Amatas aims to provide sustainable value to its customers through managed security services while simplifying the complex nature of cybersecurity.

FAQ

Q: What are cybersecurity threats and issues?

A: Cybersecurity threats and issues refer to various security risks that arise due to the increasing reliance on computer systems and networks in our daily lives. Some common examples include malware, phishing, ransomware, data spills, insider threats, and Distributed Denial of Service (DDoS) attacks.

Q: How big is the cybersecurity market, and how fast is it growing?

A: The global cybersecurity market is predicted to reach $403 billion by 2027, growing at a compound annual growth rate (CAGR) of 12.5% from 2020 to 2027.

Q: What is driving the growth of the cybersecurity market?

A: The rise in cyber threats and the need for robust data protection measures have been the primary drivers of this growth. As businesses and governments become increasingly reliant on digital infrastructure and data storage, the risks posed by cyber threats have also increased. As a result, cybersecurity solutions have become a crucial investment to protect sensitive data and infrastructure from cyber-attacks.

Q: What is the impact of the COVID-19 pandemic on cybersecurity?

A: The COVID-19 pandemic has accelerated the adoption of digital technologies, increasing the need for cybersecurity solutions. With more people working remotely and relying on online services for daily tasks, the risks of cyber threats have increased exponentially.

Q: How much damage does cybercrime cause?

A: According to the Cybersecurity Ventures Cybercrime Report, the cost of cybercrime damages is expected to double from $3 trillion in 2015 to $6 trillion by 2022. These damages include losses from data leaks, theft of intellectual property, financial fraud, and other malicious activities.

Q: How does cybercrime affect small and medium-sized enterprises (SMEs)?

A: Cybercrime can be especially devastating for businesses, particularly small and medium-sized enterprises (SMEs) that may not have the resources to withstand a major cyber attack. The damages can include not only the cost of the cyber attack itself but also reputational damage, loss of customers, and legal fees.

Q: What are data breaches, and how can they be prevented?

A: Data leaks refer to unauthorized access, theft, or exposure of sensitive data such as personal information, financial details, or intellectual property. Effective security measures, such as strong passwords, encryption, and employee training, can help prevent data spills.

Q: Which sectors are most vulnerable to cyber-attacks?

A: The healthcare sector is particularly vulnerable to cyber attacks due to the sensitive nature of the data they handle, including personal health information and medical records. The financial and insurance sectors are also prime targets for cybercriminals seeking to access financial data or commit fraud.

Q: How much does the world spend on cyber security?

A: Global spending on cybersecurity is expected to reach $200 billion in 2022, up from $120 billion in 2017.

Q: Why is there a shortage of cybersecurity professionals, and what can be done about it?

A: The shortage of cybersecurity professionals is due to a combination of factors, including a lack of awareness about the field, a skills gap, and the high demand for qualified professionals. To address this issue, governments, educational institutions, and businesses can invest in cybersecurity education and training programs and encourage more people to pursue careers in this field.

About the author

Ralitsa Naumova

Ralitsa is a well-rounded marketing professional, imaginative copywriter, brand strategist & storyteller. Her marketing, advertising & corporate comms expertise has been carefully nurtured in international corporate and agency environments; in the heat of organizing/communicating international industry events & trade shows; in managing B2C and B2B communications in the clinical research industry. Ralitsa’s professional career has seen business in action in both the UK and USA, giving her the invaluable cross-cultural touch integral to any successful marketing consultant. Today’s marketing challenges require tomorrow’s technological solutions – and that’s Ralitsa’s lifelong career pursuit – how to get that one step further ahead of established practices.

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