The cost of business email compromise (BEC) attacks are on the rise as well. 5 Despite technological advancements, cybercriminals are too aggressive and costly to keep up with. The three areas showing the largest increases in cost were network security, threat detection and security monitoring. 5 Accenture analyzed 17 different components of security and found that 60% of respondents reported cost increases up to 25% on all 17 components over the last two years. How Many Businesses Have Difficulty Investing in Cyber Security?Ī 2020 Accenture survey said that 69% of respondents found the increasing costs of keeping up with cybercrime unsustainable. In other words, the projected total cost of cybercrime in 2021 exceeds the costs from a year’s worth of natural disasters, and represents a greater sum than the total global trade of all major illegal drugs. What Is the Global Cost of Cybercrime in 2021?Ĭybersecurity Ventures estimates that cybercrimewill result in a total loss of $6 trillion worldwide by the end of 2021, growing by 15% per year until it reaches $10.5 trillion by 2025. This is what happened to a timber supplier in 2018 due to a ransomware attack. In fact, the expenses involved in recovering from a cyber attack can amount to thousands and even millions of dollars and put some organizations out of business. The dangers of cyber attacks don’t stop at hackers simply stealing your personal or company information - they’re costly too. Recovering from cyber attacks can take up a major portion of a company’s budget. The preponderance of social engineering methods suggests that cybercriminals take advantage of the emotions or negligence of human beings more often than they target system vulnerabilities. 23 These attacks target the weakest link in security: users. Phishing attacks account for 90% of data breaches, according to Cisco’s 2021 Cyber Security Threat Trends report. How Many Data Breaches Resulted from Phishing Attacks? Phishing is a popular social engineering method that involves creating a fraudulent email or website designed to lure the recipient into clicking on a malicious link or handing over sensitive personal or company data, such as credentials or financial info. The 2020 State of Phish Annual Report states that 65% of organizations in the United States fell victim to a phishing attack that year. How Many Cyber Attacks in 2021 Were Phishing Attacks? No matter how powerful a company’s security protections may be, no amount of technology will prevent a careless computer user from opening a malicious link. Social engineering is the act of psychologically manipulating a computer user into disclosing confidential information or granting access to restricted systems. In 2020, 65% of organizations in the U.S. Ever since then, cyber criminals have taken advantage of every opportunity to commit intellectual property theft, launch phishing attacks, ransomware attacks and a host of other cyber attacks. While companies struggled to adapt to the chaos and confusion, their guard was let down long enough for cyber criminals to establish a foothold in protected corporate environments. The total cost of all cybercrime damages in 2021 is expected to amount to about $6 trillion worldwide.The financial sector suffered the largest financial losses in 2020.The rate of cybercrime increased by 600% during the COVID-19 pandemic.These cyber security statistics, facts and trends show how cybercriminals continue to adapt to take advantage of the COVID-19 pandemic. Last Updated: 22 Mar'22 T15:05:21+00:00 Facts checked by Elisabeth Iveyīeginning with the worldwide lockdowns, businesses have tried to restructure their operations to function partially or fully online while the general population has relied upon the internet for shopping, work and almost everything else. MP4 Repair: How to Fix Corrupted Video Files in 2019.Best Choice Stellar Phoenix Data Recovery.How to Create a Strong Password in 2022: Secure Password Generator & 6 Tips for Strong Passwords.How to Securely Store Passwords in 2022: Best Secure Password Storage.Best Password Manager for Small Business.How to Access the Deep Web and the Dark Net.Online Storage or Online Backup: What's The Difference?.Time Machine vs Arq vs Duplicati vs Cloudberry Backup.
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