One need look no further than the daily news to see the threat posed by modern information security risks. Even the largest organizations are vulnerable to malicious actors and unforeseen security lapses.
Staying current with new developments in the security realm is one of the best ways to mitigate risk. By raising your awareness of the current threat environment — and the steps you can take to minimize exposure — you can help ensure your business isn’t on the receiving end of a costly and reputation-damaging security breach. This is a risk that is growing more acute over time; as IBM CEO Ginni Rometty once said, “cyber-crime is the greatest threat to every company in the world.”
To help illustrate the present challenge we’re facing, let’s review some of the most relevant information security statistics for business owners.
Key security numbers and takeaways for 2018
By looking at projected numbers, recent trends and study data, we draw a clearer picture of the current threat landscape. First, let’s take a look at some figures that illuminate the scope of the problem.
- The costs of cyber-crime are projected to rise to $6 trillion annually by 2021– a number that represents one of the largest transfers of wealth in history.
- Four billion people using 50 billion devices will be online by 2020, according to Microsoft. Data volumes will be a staggering 50x greater than in 2016. This represents massive opportunity for malicious actors.
- Cyber-crime will triple the total number of jobs in the information security space by 2021. Along with 3.5 million dedicated jobs, it should be noted that every IT position is, to some degree, a cybersecurity position now.
- Half of all users will click on an unknown link, according to TechRepublic. This statistic shows how far we need to go in terms of behavioral modification.
- More than $25 million has been paid as the result of ransomware over the last 24 months, according to The Verge.
- The average cost of a data breach, globally, is $3.62 million, according to IBM, while the average cost for a single lost record is $142.
- Ninety-three percent of organizations use some form of cloud services, according to McAfee Security.
Are businesses prepared for these changes?
Now that’s we’ve seen how pervasive and costly cyber-crime has become, let’s take a closer look at how well (or poorly) today’s businesses are preparing to meet these challenges. Consider the following:
- Only 31-percent of corporate boards engage in security and privacy risk reviews, according to PwC.
- Roughly 52-percent of corporate leaders report not knowing what to do after a security breach, according to Vanson Bourne.
- Approximately half of all organizations do not fully inform their clients when every breach occurs.
- A full 99-percent of security personnel and DevOps fail to identify where all secrets or privileged accounts exist, according to Vanson Bourne. Meanwhile, 73-percent of DevOps report their organization has yet to implement a privileged account security solution.
Today’s security landscape is evolving rapidly. As we migrate to the cloud and global adoption soars, the opportunities for malicious action abound. By staying cognizant of key information security statistics and findings, you can help mitigate risk and keep your business protected.