Privacy / Security

5 stats to consider before planning your cybersecurity strategy

20th Jun `18, 02:17 PM in Privacy / Security

If you thought that this year would be a year your organisation would not be worried about cybersecurity,…

Ranjani Ragotham Contributor

If you thought that this year would be a year your organisation would not be worried about cybersecurity, then think again. Six months into the year, we have already witnessed some of the biggest cybersecurity and data breaches in history. Which have affected not only organisations, but entire countries across continents as well.

The scary reality is that hackers constantly find newer ways to take advantages of vulnerabilities in systems to steal or illegally encrypt data. So, it’s best to know as much as possible about what you are up against. Here’s list of cyber attacks statistics which may seem terrifying. But armed with this information, your organisation should be able to formulate an effective strategy to enforce cybersecurity.

1. 95% of cyber attacks are in the form of a phishing scam or other forms of social engineering. Out of which 71% are spear-phishing emails. The most basic form of data theft is still pretty much a prevalent threat to cybersecurity. And this is mostly due to human error. Many companies have admitted that a major portion of their employee still finds it difficult to identify spear phishing emails. In fact, studies have revealed that more than 400 companies and individuals receive phishing emails every day.

2. Ransomware as a trending form of cyber attacks is steadily on the rise. While not as wide-spread as phishing, ransomware attacks have risen to be the second most pressing cybersecurity threat to worldwide. It has been estimated that every day more than 4000 ransomware attacks take place, with one happening every 22 seconds. Studies predict that this estimate would increase to one every 14 seconds.

3. Another new trend is the use of file-less techniques to perpetuate cybercrimes. File-less cyberattacks have successfully managed to bypass security solutions which were put in place to combat more traditional forms of hacking. The lack of valid methods to counter this evolved form of cybercrime has resulted in growing unease among institutions and enterprises. A study by Ponemon Institute revealed that 77% of the successful cyber attacks in 2017 were carried out using file-less techniques. This number is predicted to triple by the end of 2018.

4. Antiviruses are proving to be ineffective in combating the constantly evolving cyber threats that plague organisation today. Nearly 69% of organisations have admitted that they don’t believe that the antivirus software they have invested in can help block out threats. They simply cannot keep up. Hence, most organisations are turning to newer solutions to help keep their data protected and secure. In addition to antivirus software, organisations have added an additional layer of advanced augmented protection. Some are turning to EDR solutions. And others have abandoned antivirus software altogether and have turned to AI.

5. The most obvious side-effect of evolving cybersecurity and its threats is its effects on company wallets. It is becoming increasingly more expensive to afford top class security for your data and manage it as well. It has been predicted that by the end of 2018, the worldwide expenditure on cybersecurity would be as much as 96 million USD. However, very few organisations believe that they have adequate resources in order to effectively enable security protocols. But on the bright side, more and more companies are willing to spend whatever it takes to protect their data. Because the expenses of recovering corrupted or breached data are far higher.

If you have any more statistics or information which you feel needs to be known, then please feel free to leave your comments!