Saturday, February 24, 2024
CEOWORLD magazine - Latest - Tech and Innovation - Revealed: The True Cost of Rising Cyber Attacks

Tech and Innovation

Revealed: The True Cost of Rising Cyber Attacks

By the end of this year, the expected cost of cybercrime globally is 6 trillion dollars, and this figure is expected to go as high as 10.5 trillion dollars in 2025, according to Cybersecurity Ventures.

The information security industry globally is predicted to increase to 170.4 billion dollars in 2022 so it can cope with the increasing cyber threats. 

According to 61 percent of cybersecurity experts, there aren’t enough members in their cybersecurity team. The cybersecurity industry is a quite huge skilled gap, and there were about 3.5 million unfilled jobs in 2021, according to Cybersecurity Ventures. This is to show that one of the best career paths right now is in cybersecurity, and it is best to pursue a career in cybersecurity as you’ll certainly get a job for yourself.

 We have created a list that contains cybersecurity stats and costs for 2021 that you can use to support your external or internal stakeholder meetings or presentations. These present statistics may assist in highlighting the value of strengthening the cybersecurity posture of your company. In addition, it can help expand your knowledge of your company’s position in the cybersecurity space. 

Cybersecurity and Coronavirus 

Globally, an uncomfortable bright light has been shone by covid-19 on the cybersecurity state. In March 2020, Deloitte discovered that the pandemic resulted in:

  • Increased remote working security risk
  • Delayed detection and response to cyberattack
  • Gaps in information and physical security 
  • A rapid increase in the number of cybercriminals 

Below are some more cybersecurity stats related to COVID-19, and you can compare them with the post-COVID security posture of your company. 

Since the pandemic started, the report of cybercrime has increased by 300 percent in the United States. 

In April 2020, about 52 percent of legal and compliance officers started to worry about 3rd party cybersecurity risks because of the pandemic. About 20 percent of managers stated that they faced at least one security breach because of a remote worker. Working remotely has increased the average overall data breach cost by around 137,000 dollars. 

Google reported 18 million daily phishing and malware emails related to COVID-19 and 240 million spam messages daily. 

Cybersecurity Stats about Data Breaches 

43 percent of business leaders in the C-suite who reported any form of data breach stated human error to be the second main cause, and the cost of those data breaches was 3.3 million dollars on average. The first main data breach cause was the deliberate threat or sabotage by external vendors. Irrespective of the source, it took about 239 days to figure out and contain these breaches. 

In the initial ¾ of 2021, cybercriminals exposed 36 billion company records. 

In 2021:

  • The human element has been involved in 85 percent of breaches
  • Compromised or stolen user credentials caused 65 percent of this
  • They observed social engineering in more than 35 percent of incidents

Phishing and Cybersecurity 

The popularity of phishing scams has continued to increase recently because these criminals leverage an asset that billions of people use; email. Phishers feed on the cybersecurity unawareness of victims to make them open malicious attachments or click on malicious links. 

The general unawareness is the reason phishing scams have continued to thrive among the top cybercrimes since 2019. 

22 percent of data breaches in 2020 involved phishing. 

This cybersecurity stat went as high as 36 percent in 2021. 

Between 2019 and 2020, there was an increase in the number of firms that experienced phishing scams from 55 percent to 57 percent. 

In the last quarter of 2020, 74 percent of scams made use of HTTPS websites to conduct their phishing scam. 

Cybersecurity Stats about Ransomware and Malware

Ransomware and malware are increasing security issues for firms. In the first nine months of 2020, 21 percent of reported breaches involved ransomware, contributing to the leak of 11.2 percent unknown types of data and 10.4 percent known types of data. The worth of the ransomware industry in 2021 is 14 billion dollars. 

The increasing impact and frequency of ransomware attacks aren’t the only severe cybersecurity stat. Another main issue is the increasing rate at which victims are paying these ransoms. The difference between the ransom amount paid in 2019 and 2020 is a staggering 311 percent, which amounts to about 350 million dollars. In addition, the number of organizations that paid ransom increased from 26 percent to 32 percent between 2020 and 2021, but only 8 percent of them got their entire data back. 

Yet, one other issue related to ransomware is the increasing downtime cost. The average cost of downtime caused by ransomware between 2018 and 2020 has grown from 46,800 dollars to 283,000 dollars per incident, which is about a 7× increase. 

In 2021, at least one company experienced an attack involving ransomware every eleven seconds, and the cost of ransomware damage will increase to 20 billion, which is a 57× increase compared to 2015.

Have you read?

Best CEOs In the World Of 2022.
Best Citizenship and Residency by Investment Programs.
These are the world’s most and least powerful passports, 2022.
The World’s Richest People (Top 100 Billionaires, 2022).
# Case Study: Warren BuffettLVMH’s Bernard ArnaultApple’s Tim Cook, and Elon Musk.

Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Thank you for supporting our journalism. Subscribe here.
For media queries, please contact:
CEOWORLD magazine - Latest - Tech and Innovation - Revealed: The True Cost of Rising Cyber Attacks
Sophie Ireland
SVP for News and Editorial Director. As CEOWORLD magazine's senior vice president for news and editorial director, Sophie Ireland oversees CEOWORLD magazine's journalism and journalists around the world and across platforms. She leads an award-winning team of journalists and newsroom executives who are committed to excellence, innovation and the highest quality reporting and storytelling. Follow her on Twitter, Facebook, Instagram, or connect on LinkedIn. Email her at