9 Cyber security statistics that every business should know

Though the information age has revolutionized the way we work, it has also directly resulted in businesses becoming susceptible to cyber attacks. In recent years, the COVID-19 pandemic has changed the way we work, even more, resulting in many of us working from home full-time. With such an unexpected and colossal shift, cyber crime skyrocketed.

Working from home may be beneficial for some businesses, but most homes have weaker security measures, leaving data ripe for targeting. It is essential that companies provide their employees with information or training on how to recognize malicious emails, links, or scams. To show you the extent to which cyber security is being threatened, here is a list of states that all businesses should be aware of.

The rate of cybercrime increased by 600% during the pandemic

The United Nations disarmament chief stated that although the world is moving toward increased technological innovation, the rate at which we are becoming vulnerable is also rising. During the pandemic, the rate of cybercrime increased 600% as many of us working from home, and this isn’t likely to decrease.

Nearly half of all data breaches involve small or medium-sized businesses

Smaller businesses may not believe that they’re prime targets for cyberattacks, but according to Cyber Security Magazine, 43% of data breaches involved SMEs. Having adequate security is important regardless of your business size, but especially for smaller businesses as 83% aren’t prepared to financially recover from a cyber attack.

Phishing attacks account for more than 80% of recorded security incidents

Phishing attacks for more cyber security incidents than all the others, with roughly 95% of all malware attacks happening through email. Tessian reports that Google recorded 2,145,013 phishing sites in 2021, a number that is growing all the time.

27% of IT professionals admit their business does not have cyber insurance

Cyber security is vital for businesses in case they suffer a data breach or cyber attack. It can protect them from liability threats that could be costly, despite this, more than 27% of IT professionals admit their business does not have cyber insurance. If you’re looking for an efficient and competitive cyber protection plan, contacting cyber security consultants is a wise idea as they can advise you on many issues including insurance, vulnerability testing, and incident response.

Almost 50% of companies allow more data access than necessary

Nearly 50% of companies allow their employees access to more data than necessary, which could lead to security threats and put data at risk. Similarly, only 27% of businesses provide social engineering training for employees, which would provide them with knowledge of how to deal with phishing attacks, email compromises, and data protection.

36% of cyber-attacks were caused by insider threats

In 2021, Verizon reported that for larger companies 36% of cyber-attacks were caused by malicious employees, for companies with less than 1,000 employees, the number increased to 44%. Not all attacks have hostile intent within them, as human error accounts for a significant part of data leaks.

Cybercrime cost £6 trillion worldwide in 2021

Falling prey to a cyber attack can leave your business in dire financial straits, but when this is replicated worldwide, it can cost the economy a significant amount. £6 trillion was lost worldwide in 2021, up from £3 trillion in 2015, as a cyber attack happens every 11 seconds, it stacks up.

 UK companies suffer fewer data breaches than most other European countries

Carbon Black reports that UK companies have suffered fewer breaches in the last 12 months, with 88% of companies suffering breaches. Whilst this number seems high, it’s lower than Germany (92%), France (94%) and Italy (90%). The UK should still be wary about cyber attacks though, as most are currently being directed at the healthcare industry.

Most businesses aren’t aware their data has been compromised

It can take more than 150 days for a business to notice that they’ve been a victim of a cyber attack, then a further 280 days from identification to containment. Personal data is rising in attack levels, being targeted 58% of the time in 2020.