Cybersecurity Awareness Month

As we recognize Cybersecurity Awareness Month this October, it’s important that all businesses understand the current state of cybercrime. The threats are real and growing. Here are some key facts about cybersecurity breaches:

1. Frequency and Scale

1. Data Breaches on the Rise: Cyberattacks and data breaches have increased significantly in recent years. In 2023, the number of reported breaches globally increased by more than 20% compared to the previous year.
2. Global Cost: The average cost of a data breach in 2023 reached $4.45 million globally, according to IBM. This cost factors in detection, response, downtime, legal expenses, and loss of customers.

2. Common Targets

• SMBs and Enterprises: While large corporations are frequent targets, nearly 43% of cyberattacks target small to medium-sized businesses (SMBs), which often have weaker defenses.
• Healthcare, Financial, and Retail Sectors: These industries are highly targeted due to the vast amounts of sensitive personal and financial data they hold. Healthcare breaches, for example, expose patient medical records and personal data.

3. Types of Cybersecurity Breaches

• Phishing: One of the most common methods, accounting for 90% of breaches, where attackers trick employees into revealing sensitive information or downloading malware.
• Ransomware: Attackers encrypt data and demand payment for its release. In 2023, ransomware attacks affected 30% of all businesses.
• DDoS Attacks: Distributed denial-of-service (DDoS) attacks overwhelm systems, causing websites or services to go offline, often serving as a distraction for other forms of hacking.
• Insider Threats: Employees or contractors with authorized access accidentally or intentionally leak sensitive data.

5. Evolving Threat Landscape

• AI and Automation: Cybercriminals are increasingly using AI and machine learning to improve the effectiveness of their attacks, automating phishing campaigns, and discovering vulnerabilities faster.
• Supply Chain Attacks: Attackers are targeting third-party vendors and partners to gain access to larger organizations, as seen in the SolarWinds breach (2020), where malware was inserted into software updates affecting thousands of organizations, including U.S. government agencies.

6. Impact on Consumers and Businesses

• Reputation Damage: Beyond financial losses, breaches can severely damage a company’s reputation. Companies often lose customers and trust following a major breach.
• Data Loss and Identity Theft: Consumers are at risk of identity theft, financial fraud, and loss of personal data when breaches occur.

7. Preventative Measures

• Encryption: Encrypting sensitive data is a standard practice to protect it from unauthorized access.
• Multi-Factor Authentication (MFA): Adding extra layers of security beyond just passwords can prevent unauthorized access, reducing the risk of breaches.
• Employee Training: Most breaches happen due to human error. Regular training on recognizing phishing attempts and best practices can significantly lower the risk.

As you can tell, Cyber attacks are not going away anytime soon. It is best to make sure that you have the proper coverage incase a breach happens. Our team can help you get started today by filling out this form below.