Why Are Cybercrime Statistics Significant To All Industries?

There are a variety of different types of cyber crimes. Cyber attacks can cause catastrophic losses for businesses and organizations. The cost of cybercrime can be extremely high, and the damage can be irreparable. We’ve provided some cybercrime statistics to help understand the impact on businesses and organizations.

Impact On Small Businesses

Recent cyber crime statistics worldwide reveal that small businesses are among the most vulnerable to attacks. The consequences of a data breach can be devastating. Nearly 60 percent of small businesses that suffer a breach permanently close their doors within six months. Despite these statistics, many small businesses do not dedicate a budget for cybersecurity. Only 18% of companies with fewer than 50 employees allocate a budget for cyber defense. Cyber attacks on small businesses have become increasingly sophisticated and frequent. According to the National Small Business Association, almost half of all small businesses have suffered a cyber attack. This represents an increase from 44 percent just two years ago. And 68 percent of those targeted have experienced more than one attack. As a result, protecting your data from cyber threats is essential.

Cybercriminals Are Having A Heyday With Social Media.

The growth of social media has given cybercriminals a golden opportunity to prey on innocent Internet users. According to a social media monitoring company, there has been a significant increase in fraud attacks using social media platforms. The study found that cybercriminals have been able to engage in various fraudulent activities, from financial fraud to romance and dating fraud. Moreover, it has been reported that 1.3 million social media accounts have been compromised over the past five years. The rise of social media has also given rise to a thriving underground cybercriminal economy. These individuals make their living by stealing personal information and sensitive corporate data. They use this stolen data to trade in illicit goods and operate from underground cybermarkets. These markets specialize in a specific product or service and have a distinct language and behavior code.

Cybercrime is proliferating, and the cost of cybercrime is increasing. The damage to an investor’s perception can cause a company to lose money and suffer lower stock prices. 

Cost Of Cyber-Crime

The cost of cybercrime is a growing concern for companies around the world. According to the latest study, the cost of cybercrime has risen to $600 billion annually or about 0.8 percent of the global GDP. Businesses must be more vigilant about protecting their data and systems against cyber-criminals. A ransomware attack can cost a company millions of dollars and cause 16 days of downtime. Ransomware attacks are a common cause of computer security breaches. The average ransom demand is more than $100, with most companies paying the attacker’s demands to decrypt their files. However, these attacks are only one part of the problem. According to the Ponemon Institute, nearly half of all computers infected with malware become infected again within a year. The cost of cybercrime continues to rise, with a recent report estimating that it will cost $20 billion globally by 2021. According to the report, ransomware is the fastest-growing type of cybercrime, with individuals and companies being targets of this attack. Even though most victims don’t pay the ransom, enough does make cybercrime a profitable business.