As cyberthreats become more dangerous and prevalent, cybersecurity should become a top priority for businesses of all sizes. Despite this, many organizations still don't take the proper steps to protect their data and systems. To help you understand just how important cybersecurity is, we collected four statistics you need to know:
1. Small businesses experience more attacks than big businesses
Between January 2021 and December 2021, researchers at IT security company Barracuda Networks analyzed millions of emails across thousands of organizations. They found that an employee of a small business (less than 100 workers) will experience 350% more social engineering attacks than an employee of a larger enterprise.
What does this mean for your business?
This statistic shows why small businesses must invest in cybersecurity solutions. Some small-business owners believe that their organization is not as vulnerable to cyberattacks as large enterprises. But in reality, small businesses are a prime target for cybercriminals as they often have weak cyber defenses, making them easy targets for attackers.
In reality, small businesses are a prime target for cybercriminals as they often have weak cyber defenses, making them easy targets for attackers.
2. Phishing is widespread
Research by software company Tessian found that employees receive an average of 14 malicious emails per year. Some industries were hit especially hard, with retail workers receiving an average of 49.
What does this mean for your business?
Your employees are always at risk of falling victim to a phishing attack. Therefore, you need to educate them on how to spot and report suspicious emails. For instance, phishing emails usually contain grammatical errors and odd language. They also create a sense of urgency to force the recipients into complying with their request, such as asking them to reset their passwords due to suspicious activity.
3. The average data breach costs more than $4 million in 2021
A study by IBM and the Ponemon Institute found that the average cost of a data breach in 2021 was $4.24 million. What’s more, compromised credentials were the most common attack vector and responsible for 20% of breaches.
What does this mean for your business?
If your business suffers a data breach in the future, expect it to be costly. Not only will you need to spend money on incident response, but you may also lose customers, as they may feel like they can longer trust your company.
Therefore, it’s important to protect your organization from potential attacks. Invest in cybersecurity tools like firewalls and antivirus programs. You should also regularly update and patch your software to prevent cybercriminals from exploiting software vulnerabilities to access your systems. Finally, train your employees in cybersecurity best practices, such as refraining from clicking on suspicious links and using strong passwords.
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4. A majority of data breaches are caused by human error
A study by cybersecurity organization Tessian and Stanford University found that approximately 85% of data breaches today are caused by human error. The study also discovered that employees become unwilling to admit their mistakes if businesses judge them critically.
What does this mean for your business?
Security risks do not just come from outside your company; they can also come from inside. These are known as insider threats. An insider threat could be employees who fall for online scams and phishing attacks. They could also be current and former employees or business associates who intend to sabotage your company for their own gain.
To mitigate insider threats, you need to implement a zero trust architecture. With zero trust, anyone attempting to access your applications and data will be denied until their identity and access privileges are verified. Implementing multifactor authentication allows you to verify user identities, while platforms like Azure Active Directory can help you set access restrictions based on data, job roles, and applications.
You can also consider partnering with a reliable managed IT services provider like NetQuest. We can help you implement effective cybersecurity measures for your Baltimore, Annapolis, or Towson business. Also, we will monitor your IT infrastructure 24/7/365 to ensure that no cyberthreats can infiltrate your systems. Talk to us today to learn more.
