Cybersecurity remains a prevalent issue in the business world year after year. With thousands of cybercrimes occurring annually, a single incident can cost businesses thousands or even millions of dollars. To help you understand how to protect your business, you must stay abreast of the latest cybersecurity statistics of 2021.
Cybercrime Losses Are Skyrocketing
According to a report published by McAfee in December 2020, cybercrime cost the world more than $1 trillion in 2020. This is around 1% of global GDP (gross domestic product). These statistics also show that global losses as a result of cybercrime have more than tripled during the last seven years (cybersecurity losses were approximately $300 billion in 2013).
Businesses Aren’t Confident About Their Cybersecurity Strategy
While cybersecurity attacks are on the rise, many businesses still are not where they want to be with their cybersecurity strategy. A cybersecurity report published in 2021 included a survey of more than 200 C-level IT security executives, which found that 78% of respondents lack confidence in their company’s IT security posture and believe improvements are needed.
One solution to this problem is for these organizations to obtain a free consultation with a partner that offers business cybersecurity services. Also, these organizations can seek out security advisory services, which provide custom-tailored cybersecurity solutions to businesses.
Targeted Attacks Lean Towards End-Users and IT Administrators
Recent trends in attack patterns indicate an increase in spear-phishing and other forms of credential theft. Spear phishing refers to when cybercriminals send emails to their target while posing as a trusted source. The attacker’s end goal is to either infect a device with malware, initiate a ransomware attack, or use other methods to illegally obtain information or money.
A 2021 CISO survey found that there are specific teams within an organization that are specifically targeted for these attacks. The survey found that the most targeted group for spear phishing are end-users such as businesses with access to sensitive data. 56% of survey respondents have seen increased spear-phishing activity targeting these business users. IT administrators were a close second, with a 53% reported increase for this group. The good news is that businesses can reduce spear-phishing rates simply by providing employees with the right security awareness training.
The Financial Industry Is Comparably a High-Risk Target
When it comes to malicious attacks, the financial services industry is one of the most targeted industries. A 2021 Data Risk Report that compiled data on various banking, insurance, and investment organizations stated that financial services are more high-risk because of the sensitive data they collect from their customers.
They found that the average cost of a financial services data breach is among the highest of any industry, at $5.85 million. As a high-risk target for stealing customer information, financial service organizations need to keep workstations safe and secure.
Looking for more cybersecurity stats? Check out these infographics.