Alarming Statistics and Facts That Make Any Business Owner Want to Invest in Cyber Security

Cyber attacks are becoming more and more frequent, targeting companies with little security in place. It is for this reason that the cyber security industry is constantly growing, with more and more resources being introduced on a frequent basis. Yet there are still some businesses which are operating without a strong level of security. And even some without standard Cloud cyber security in place.

So, take a look at some of these alarming facts and statistics in relation to cyber-attacks and necessary security.

Hacker Attacks Occur Every 39 Seconds

Studies show that every 39 seconds, a hacker attack occurs, affecting one in three Americans every year, according to the University of Maryland. Non-secure usernames and passwords are big reasons why these hacks are so successful. This means that cyber security in Malta and globally needs to be stepped up to tackle similar figures. Just because the country (Malta) is smaller than the U.S.A. doesn’t mean it isn’t a target of cyber attackers.

Small Businesses Worst Affected

In total, about 62% of companies have experienced web-based attacks at some point, according to Fundera. This includes phishing and social engineering assaults. Meanwhile, 59% of companies have experienced malicious code and botnets. Of the total number of companies targeted though, 43% are small businesses. These companies end up spending an average of $7.68 million per occurrence.

Global Cost of Data Breach Almost $4 Million

When it comes to the global cost of data breaches, the figure stands at $3.9 million for small and medium businesses. For these types of enterprises, that is quite the devastating sum to pay. This is why it is ideal to go through a Cloud security assessment to ensure that the security is at its ultimate best.

Total Worldwide Security Spending Stands at Over $40 Billion

Figures from Statisa.com show that an increase in spending on cyber security has occurred every year since 2017. In 2020, this hit a high of $43.1 billion, and the likelihood is that it will continue this way. In 2021, it was estimated that the total cost of cyber crime would reach 6 trillion dollars. And according to the Cyber-Edge 2020 CDR Report, about 85% of businesses do not feel that they have enough skilled IT personnel to take care of security.

COVID-19 Has Not Helped Matters

Since the impact of the worldwide pandemic, the United States FBI has reported an increase of 300% where cyber crimes are concerned. Hackers essentially took the opportunity to take advantage of people working from home with more vulnerable networks. This makes it much more necessary for businesses to take cyber security a lot more seriously. In September of 2020 for example, 9.7 million healthcare records were compromised through criminal hacks.

Taking Control of Your Business Security

An ideal way of ensuring that you know how to proceed with upping your security is to complete a penetration test. Also known as a pen test, this operates as an authorised simulated cyber attack on a computer system. This is done so as to evaluate the strength of the security in place. Where there are gaps and weaknesses in this security, you can focus on putting plans into action to fix, harden and combat it.

At the same time, it is ideal for yourself and other employees to go through cyber awareness training. We have crafted our own training packages, allowing you to reach the peak of cyber security.

Be Proactive. Be Safe. Invest in cyber security assessments and vulnerability tests today!