Do you worry about a cybersecurity breach impacting your business? These threats to cybersecurity are increasingly common, as hackers become more sophisticated and bolder in their attacks. Data breaches are destructive to your customers and your company’s reputation. Furthermore, because companies of all sizes lack adequate cybersecurity, cyberattacks can affect large and small businesses equally.
When internet users leave data vulnerable on their computers or mobile devices, cybercriminals pounce. And as employees use more mobile devices to conduct company business, the problem can become worse. The U.S. has experienced headline-grabbing data breaches that cost millions.
For example, in 2018 alone, there were more than 1,200 data breaches in the U.S.—and these breaches exposed the information of more than 400 million people. As the following statistics illustrate all too clearly, this is a problem that is increasing all over the world. Read on for 22 statistics about cybercrime.
Data breaches affect millions of customers
When consumers provide information online—such as their home addresses, credit card numbers, and other sensitive information—they expect data to be held in confidence. But hackers are always ready to use it for personal gain. And when data is stolen, companies and customers suffer the consequences.
- The U.S. is expected to account for half of all data breaches worldwide by 2023. (Norton, 2018)
- There have been more than 7 billion breached records in 2019. (IT Governance, 2019)
- The record-setting Yahoo hack affected 3 billion accounts. (The New York Times, 2017)
- When Under Armour’s “My Fitness Pal” was hacked, it affected 150 million users. (Under Armour, 2018)
- Almost 12 million Quest Diagnostics’ lab records were breached between September 2018 and March 2019. (Databreaches.net, 2019)
Cybercrime is expensive business
Cybercrime costs businesses in a variety of ways. From ransoms and fines to millions of dollars in downtime and lost revenue, hackers can cause big trouble for your business. Even after a business has stopped the floodgate of a data breach, it is likely to have cleanup costs to contend with—restoring systems, conducting PR campaigns for damage control, followed by improving security protocols. No matter how a hacker’s crime plays out, the cost to a company will be high.
- Cybercrime damages may reach $6 trillion by 2021. (Cybersecurity Ventures, 2018)
- In 2017, total ransom payments approached $1 billion annually. (United States Department of Justice, 2017)
- In 2019, ransomware damages cost around $11.5 billion. (Cybersecurity Ventures, 2017)
- Uber paid $100,000 in ransom to hackers, and then its valuation still dropped by billions following a 2016 breach. (CSO, 2018)
- A recent ransomware attack on the City of Baltimore’s computers will cost at least $18.2 million. (The Baltimore Sun, 2019)
- The hack on the City of Atlanta’s computers cost around $17 million in 2018. (Government Technology, 2018)
- A hospital in Kansas is out $250,000 in a settlement for False Claims Act violations for lying about conducting security assessments needed for the federal Electronic Health Records Incentive Program. (Databreaches.net, 2019)
Common targets for cybercriminals
Cybercriminals target certain types of industries and businesses more than others. Some of the most vulnerable include small- and medium-sized businesses, healthcare companies, the hospitality industry, and retail. However, no business is truly safe from the threat of cybercrime. Every business, regardless of size or type of industry, is potentially at risk for a cyberattack.
- Nearly half of all cyberattacks target small businesses. (Cyber Defense Magazine, 2019)
- In 2018, 13 million medical records were exposed due to data breaches. (HIPAA Journal, 2018)
- The Marriott hack disclosed in 2018 affected nearly 500 million accounts. (NBC News, 2018)
- The American Bar Association reports that 25 percent of law firms in the U.S. have experienced a data breach of some kind. (The National Law Review, 2019)
- The U.S. is the global leader in retail cybersecurity breaches. (Retail Dive, 2018)
- In 2019, cybercriminals used malware to steal 5 million credit card numbers from Earl Enterprises, the parent company of restaurant chains such as Planet Hollywood and Buca di Beppo. (The Verge, 2019)
- The online ordering system at fast-casual restaurant chain Panera was hit by an eight-month cyberattack that affected more than 7 million customers. (Fraud.org, 2018)
Cybercrime is constantly evolving as cybercriminals seek to evade improved security measures. It’s hard to keep up with the many ways these cybercriminals seek to cheat you. Here are just a few reasons to make sure your business is secure and protected:
- More than 60 percent of online fraud is through mobile platforms, and 80 percent of that mobile fraud is through mobile apps, not web browsers. (World Economic Forum, 2019; RSA, 2018)
- The majority of malware comes from third-party apps. (Norton, 2019)
- Ransomware infects approximately 100,000 computers a day. (United States Department of Justice, 2017)
These statistics may seem intimidating, but you don’t have to accept them as your company’s inevitable reality. You can fight back against cybercriminals by arming your company with strong cybersecurity. Addressing complex cybersecurity problems can seem overwhelming, but you can start with these steps:
Step 1: Conduct a security risk analysis to identify your company’s vulnerabilities.
Step 2: Strengthen those weak spots with strong cybersecurity.
Step 3: Train your employees on secure practices and be clear about your company’s policies and expectations.
Step 4: Back up your data and create a remote data wiping plan that can be implemented in the event you experience a breach.
With those steps in place, you can avoid the financial losses, reputation damage, and public relations episodes that accompany large-scale data breaches. You can protect your customers and your company by taking action now, before the cybercriminals target your bottom line.
Don’t know where to start with comprehensive cybersecurity training and strategy? Function4 is here to help by providing security awareness training to your employees and fortifying your security across all channels. Contact us today.