It’s easy to procrastinate cybersecurity when you don’t quite understand what’s going on around the world. That’s probably why you’ve stumbled here today — you haven’t experienced a data breach.
That’s awesome news but don’t celebrate just yet! If your cybersecurity sucks, it’s only a matter of time before you’re impacted by some sort of cybercrime because there are definitely more than enough cyber attacks to go around. Just a simple Google search for “data breach” will prove this to you.
For more proof, we’ve compiled 10 cybersecurity statistics to show you why cybersecurity is important. We’re hoping these statistics convince you that all companies should include cybersecurity in their budgets.
1. The rate of data breaches is increasing
Over 146 billion records are expected to be exposed through data breaches between 2018 to 2023 based on a rate of increase of 22.5% per year. This number will likely include your sensitive company or customer information.
(Cybercrime and the Internet of Threats 2018 by Juniper Research)
2. Most companies are not “cyber-ready”
73% of organizations are considered cyber novices. Only 11% are considered cyber experts. Would you say you’re a part of the 27% that is ready to take on cyber threats?
(Cyber Readiness Report 2018 by Hiscox)
3. Cybercriminals do not discriminate
61% of data breach victims in 2017 were businesses with under 1,000 employees. Yes, this means cybercriminals don’t just target large companies! If you’re a small or medium-sized business, you’re on their list too.
(2017 Data Breach Investigation Report by Verizon)
4. The costs of security breaches are rising
The global average cost of a data breach in 2018 is 3.86 million, which went up 6% from the previous year. For US companies, it’s $7.91 million. What expenses does this cover? Legal costs, public relations costs, opportunity costs, and other breach relief and mitigation costs.
(Cost of a Data Breach Study in 2018 by Ponemon.)
Related | Estimate the cost of a data breach for your business with IBM’s calculator.
5. Employees have access to a lot of information
88% of companies with over 1 million folders have over 100,000 folders open for access for all their employees. This increases the risk of accidental leaks from employees or deliberate leaks from rogue ones!
(2018 Global Data Risk Report by Varonis Data Lab)
6. People will avoid doing business with you
64% of customers say they’re unlikely to do business with a company that has experienced a sensitive data breach in the past. Honestly, you probably wouldn’t either.
7. Losing customers is expensive
Organizations face an average cost of $2.8 million when they lose 1% or less of customers as a result of a breach. For 4% or more, the average cost is $6 million. Clients feel more secure when they know they can rely on you to protect their sensitive information. If they can’t trust you with their information, they can’t trust you, period.
(Cost of a Data Breach Study in 2018 by Ponemon)
8. You could be experiencing a breach right now
On average, 68% of breaches took months or longer to discover. You could be experiencing a breach right now and you might not find out until months from now.
(2018 Data Breach Investigation Report by Verizon)
9. People have poor security habits
65% of companies have more than 500 users with passwords that never expire. Can you guess how many of these users haven’t changed their passwords in years because they’re not prompted to?
(Global Data Risk Report by Varonis)
10. Email is still the #1 cause of breaches
Email is responsible for 92% of malware infections through phishing scams. Who uses email? Pretty much everyone.
(Data Breach Investigations Report 2018 by Verizon)
So what does this mean?
You need to invest in cybersecurity and have a solid system in place.
Cyber attacks are only effective if your company is unprepared for the threats. You should do everything you can to prevent a breach: hire a cybersecurity professional, stay alert, provide proper training to employees, implement the right cybersecurity tools. These 21+ cybersecurity tips may help.
You also need a plan of action in case something slips through and you do experience a breach. Unless you’re completely offline, it’s impossible to be 100% secure from cyber attacks. By being prepared for the worst, you’ll be able to rebound faster and reduce costs.