Blog

In today’s interconnected world, the threat of cyberattacks targeting both businesses and individuals is at an all-time high.

Consider the numerous high-profile cyber attacks that have occurred in recent years. MGM Resorts suffered a $100 million loss due to a data breach. In early 2023, the city of Oakland, California, had to declare a local state of emergency due to a ransomware attack. The News section of the Cybersecurity & Infrastructure Security Agency (CISA) website is already filling up with warnings and statements in 2024.

A comprehensive list of these attacks could be compiled, but the main point is that businesses must be extremely vigilant. We have put together the top 10 cybersecurity facts for 2024, which include some surprising statistics to assist you.

1. Small-to-medium businesses (SMBs) have a higher likelihood of experiencing a data breach compared to large businesses.

In the 2023 Data Breach Investigations Report by Verizon, it was found that small and medium-sized businesses (SMBs) with fewer than 1,000 employees faced 699 incidents, while larger businesses with 1,000 employees or more experienced 496 incidents. This may be due to smaller businesses having limited resources, which results in a lack of necessary defenses.

2. Stolen credentials are the primary method attackers use to breach an organization.

According to Verizon’s report, attackers typically breach organizations through stolen credentials, phishing, and exploiting vulnerabilities. Setting up multi-factor authentication is crucial for preventing unauthorized access.

3. Phishing continues to be a significant threat.

Verizon’s report identified phishing as the second-most common method of data breaches for businesses, while the FBI’s most recent Internet Crime Report highlighted it as the top publicly reported cybercrime. 97% of chief information security officers stated that email-based phishing attacks had targeted them in Mimecast’s State of Email Security 2023 survey.

This crime impacts businesses and individuals of all kinds, highlighting the importance of ongoing training to maintain awareness.

4. The majority of data breaches result from human error.

According to a survey by Mimecast, 80% of respondents feel that their company is vulnerable to accidental data breaches caused by careless or negligent employees. According to the report, 95% of data breaches result from human error. Regular cybersecurity awareness training is crucial, and it is recommended to conduct it at least two or three times annually.

5. Cybersecurity Breaches It typically takes around 212 days to detect.

Mimecast’s report revealed that, on average, it takes 212 days to detect a data breach and an extra 75 days to contain it. It’s important to consider the potential risks of your data and assets being compromised for nearly a year, which could have severe consequences for your organization.

6. In the United States, the average cost of a data breach is $9.48 million.

According to IBM’s most recent Cost of a Data Breach Report, the United States has the highest average cost of data breaches. Our $9.48 million exceeds the global average of $4.45 million by more than double.

Furthermore, it’s important to consider the potential legal consequences of a data breach. Make sure to note this as another important reason why preventive measures are crucial.

7. Tech support fraud cases are rising.

According to the latest FBI crime report, there has been a rise in cyber crimes related to tech support in the past four years. When a threat actor pretends to be a tech support representative and deceives individuals into disclosing sensitive information,. This alarming statistic underscores the significance of thoroughly screening supply chain vendors and collaborating exclusively with trusted service providers.

8. Ransomware Leads to Expensive Periods of Inactivity

According to IBM, ransomware accounted for a quarter of cyberattacks on businesses in 2023, with the average cost rising to $5.13 million. However, downtime is a crucial consideration for businesses affected by an attack, resulting in financial losses when operations are disrupted.

According to Comparitech’s research, the manufacturing sector suffered significant financial losses totaling $46 billion between 2018 and late 2023 as a result of ransomware attacks’ downtime.

9. Artificial intelligence (AI) has the potential to both benefit and harm society.

AI advancements present both solutions and concerns in the realm of cybersecurity. Developers are currently working on AI tools to enhance network and asset security through data analysis and rapid detection of suspicious activities.

However, it is important to consider how criminals could potentially utilize generative AI to deceive individuals. Check out this recent incident where a finance worker fell victim to scammers who used deepfake technology to impersonate his company’s chief financial officer, resulting in a $25 million loss.

10. Cybersecurity Training Yields Positive Results

We strongly believe in the importance of regular cybersecurity awareness training, and the statistics clearly demonstrate its effectiveness. According to a report by IBM, employee training was highlighted as the second most important factor in reducing the impact of a data breach, resulting in an average cost reduction of $232,867. While there are other effective defenses, this one is considered one of the most powerful.

Is your business vulnerable?

Cyber attackers are always adapting and changing their tactics. It’s crucial for your business to adapt and stay ahead of potential threats. Do you feel fully prepared?