Part II: Scary Stats & Stories

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Cybercrimes pose the greatest threat to companies around the world. Dark web cybercriminals target companies of all sizes in all industries at any given moment. Without warning, your data can be compromised and held hostage by despicable thieves. And it happens more than you may know. 

In Part II of our ATP article series, we’ve compiled a bevy of scary stats and stories on how often cyberattacks take place.

Here we go.

  • Cybercrime is up a whopping 600% due to the COVID-19 pandemic (source)
  • In 2020, 43% of reported cyber events were from small businesses, representing a 424% increase over 2019. (source)
  • The worldwide information security market is forecast to reach 170.4 billion in 2022. (source)
  • 95% of cybersecurity breaches are caused by human error. (source)
  • Regardless of the size, victims can expect costs to surpass $200,000 in legal fees, recovery efforts, damages, forensic analysis, and corrective actions. (source)
  • Only 14% of small and midsize businesses are prepared to defend themselves, through technology, process, or finances. (source)
  • Data breaches exposed 36 billion records by the end of September 2020 (source)
  • 9.7 Million Records healthcare records were compromised in September 2020 alone (source)
  • The average price for small businesses to clean up after their businesses have been hacked stands at $690,000; and, for middle-market companies, it’s over $1 million (source)
  • Supply chain attacks rose by 42% in the first quarter of 2021 in the US, impacting up to seven million people (source)
  • There is a hacker attack every 39 seconds (source)
  • 86% of data breaches in 2020 were financially motivated (source)
  • Global cybercrime costs are expected to reach $10.5 trillion USD annually by 2025 (source)

You’ve seen the stats. Now here come the stories.

  • In 2016, Efficient Escrow of California was forced to close its doors and lay off its entire staff after cybercriminals nabbed $1.5 million from its bank account. (source)
  • Hackers gained access to a California escrow company’s financial records and stole $1.5 million from its bank account, forcing the company to close its doors and lay off its employees. (source) 
  • A small government contracting firm was notified that a dark web auction was selling confidential data, which included that of several military clients. (source)
  • A family-owned construction company was robbed of over $550,000 in one week after cybercriminals gained access to banking credentials using a malicious email laced with malware. (source)
  • A law firm in Illinois was hit by a sophisticated ransomware attack that required a total shutdown of its computer systems. (source)
  • Two Texas law firms were infiltrated by a vicious hacking group that resulted in the release of confidential information, including fee agreements and diaries from personal injury cases. (source)
  • Following a data breach, several small and medium-sized companies that used Microsoft Exchange software sought answers frantically, provoking widespread panic and legal repercussions. (source)

Cyberattacks have long been an issue for companies. It’s only recently become well-known to the general public. When data breaches occur, organizations aren’t the only ones who suffer. No one experiences damage worse than people companies promise to protect. It’s why cybersecurity is so important in 2021 and will continue to be paramount as hackers adapt and evolve. 

Stay one step ahead of online criminals by reaching out to us for our Advanced Threat Protection services. We’ll keep you and your customers safe around the clock. 

Stay tuned for the upcoming article Part III: Conventional Threats

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