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WHAT IS THE COST OF A CYBERSECURITY BREACH?

We have gathered the latest cybersecurity statistics. Cybersecurity attacks are growing and will not slow down until the right mitigation and remediation team is in place. How will you protect your business? 

Cybersecurity Statistics 2021

The latest statistics broken out by industry and type
  • Cybercrime rose 600% since the COVID-19 pandemic began.
  • Six out of ten SMBs that are victimized by cybercrime fail within 6 months.
  • The average cost of a data breach is $3.92 million 
  • The average cost of a ransomware attack on businesses is $133,000
  • The average cost of a malware attack on a company is $2.6 million.
  • 43% of breach victims were small and medium businesses.
  • Smaller organizations with 500-1,000 employees had an average cost of a data breach of $2.65 million or $3,533 per employee
  • 52% of breaches featured hacking, 28% involved malware and 32–33% included phishing or social engineering, respectively.
  • Hackers attack every 39 seconds, on average 2,244 times a day.
  • The average lifecycle of a breach lasted almost 11 months.
  • The United States ranks highest for ransomware attacks with 18.2% of all ransomware attacks.
  • The cost of lost business globally was highest for U.S. companies at $4.13 million per company. 
  • The chance of experiencing a data breach is more than 30%
  • Information leaks are the most expensive and can cost up to $3.86 million per incident.
  • Only 10% of cyberattacks in the US get reported
  • More than 77% of organizations don’t have a cybersecurity incident response plan.
  • Online payment fraud will cause the ecommerce industry $25 billion annual losses by 2024.
  • Companies with incident response teams and extensive testing saved over $1.2m
  • Encryption reduces the impact of a data breach by an average of $360,000
  • Business continuity reduces the impact of a data breach by an average of $280,000.
  • Organizations with security automation technologies that reduced the need for human intervention reduces the impact of a data breach by $2.51 million.
  • Schools are the no.2 target for ransomware attacks
  • 87% of educational establishments have experienced at least one successful cyberattack.
  • 27% of schools see the current security of their data center as ‘inadequate’ and in urgent need of updating.
  • Education ranked as the sixth-most targeted industry
  • Ransomware attacks on colleges doubled between 2019 and 2020
  • Education Industry Ranks Last in Cyber Preparedness
  • 42% of schools have students or staff that circumvent cybersecurity protections
  • 41% of higher education cybersecurity incidents and breaches were caused by social engineering attacks.
  • On average, 30% of users in the education industry have fallen for phishing emails.
  • Educational records can fetch up to $265 on the black market.
  • Hospitals account for 30% of all large data breaches.
  • 18% of teaching hospitals reported that they had experienced a data breach.
  • There is a 75.6% chance of a breach of at least five million records in the next year.
  • 34% of healthcare data breaches come from unauthorized access or disclosure.
  • By the end of 2021, security breaches cost $6 trillion dollars for healthcare companies.
  • It has been estimated that lost or stolen PHI may cost the US healthcare industry up to US$7 billion annually.
  • Healthcare data breach costs highest of any industry at $408 per record.
  • Negligent breaches happen twice as often as malicious ones.
  • 24% of physicians can’t identify the common signs of malware.
  • In 2020, healthcare suffered close to 240 million hacking attempts.
  • 88% of healthcare workers opened phishing emails.
  • Security hacks could rise by 10% by the end of 2021.
  • Financial services are 300x more likely to be attacked than other sectors.
  • The cost of cyberattacks is highest in the banking industry, reaching $18.3 million annually per company.
  • 70% of financial companies have experienced a cyber security incident in the past year.
  • The Financial services had 352,771 exposed sensitive files on average while Healthcare, Pharma and Biotech have 113,491 files on average — the highest when comparing industries.
  • 26% of financial institutions have suffered a destructive cyberattack
  • Nearly two-thirds of financial services companies have over 1,000 sensitive files open to every employee.
  • The average cost of a financial services data breach is $5.85 million USD.
  • Financial services businesses take an average of 233 days to detect and contain a data breach.
  • The U.S. government saw 1.2 billion records breached in 2020.
  • Only 50% of companies believe they are compliant with GDPR
  • On average, $1.3 million is spent on compliance requirements, and businesses are expected to put in $1.8 million on top of that.
  • Health Insurance Portability and Accountability Act (HIPAA) non-compliance has a fine up to 1.5 million annually
  • General Data Protection Act (GDPR) non-compliance fine is 4% of a company’s global turnover or 20 million euros, whichever is higher
  • Payment Card Industry Data Security Standard (PCI-DSS) non-compliance can be up to $100,000 per month
  • California Consumer Privacy Act (CCPA) non-compliance can be up to $7,500 per violation
  • In the U.S., 74% of organizations suffered a successful phishing attack.
  • Phishing attacks, cost on average 3.92 million dollars to the targeted organization.
  • 96% of phishing attacks are launched by email.
  • Phishing attacks were present in 32% of all confirmed data breaches.
  • A new phishing site is created every 20 seconds.
  • In a two week period, phishing attacks comprised 94% of coronavirus-related cyber attacks.
  • 1 in every 8 employees will disclose information to a phishing site.
  • Phishing attacks were responsible for 22% of all data breaches in 2020.

3900000

Average cost of security breach in 2020

133000

Average cost of a single ransomware attack

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