10 Cyber Security Facts You Need To Know

The cyber security industry has grown rapidly over the past few years, as a direct response to the growing threat and prevalence of cyberattacks.
However, although a number of initiatives have been launched to combat the threat, given the nature of the industry there is an ongoing arms race between cyber security firms and would-be hackers.
It is therefore crucial for businesses to implement cyber security solutions to protect themselves, as well as a tested disaster recovery plan in place in case of the worst.
As an IT manager or business owner you need to determine the viability of your current cyber security solutions and the threat to your existing IT infrastructure. To help you with this, our Redpalm security experts have compiled a list of 10 cyber security facts you should know.

1. Nearly 95% of Security Breaches are Recorded from Just 3 Industries

Technology, government, and retail are the 3 industries that are overwhelmingly the most targeted each year. However, this is not because they do not have security measures in place. These industries are attacked primarily because they maintain extensive records of personal information about their customers that hackers can easily take advantage of.

2. Every 39 Seconds a Business Experiences a Cyberattack

A study by the University of Maryland concluded that a business is attacked via the internet every 39 seconds. That’s over 2,000 attacks per day. 1 in 3 businesses will experience a cyberattack at some point.
One of the most straightforward actions you can take today to protect your business is to strengthen your usernames and passwords. Also ensure you use different passwords for each platform you use.

3. Around 43% of Cyber Attacks Affect Small Businesses

Of these, 64% of businesses have experienced web-based cyberattacks whereas 62% have faced social engineering and phishing attacks. Around 59% of organisations have been targeted by botnets and malicious code threats, while 51% of SMEs have faced a distributed-denial-of-service (DDoS) attack.
If you want to protect your company from similar cyber security threats, it is crucial to have a business cyberattack recovery plan in place.
For a no-obligation review of your cyber security, please contact our team today on 0333 006 3366

4. The Global Average Cost of a Data Breach is Expected to Surpass $150 Million in 2020

As IT infrastructure becomes ever more connected, data breaches become ever more expensive for businesses. The estimated cost of data breaches globally in 2019 was more than $2.1 trillion, and the average cost of a single data breach is expected to exceed $150 million in 2020.

5. More Than 75% of Healthcare Companies Are Infected with Malware at Some Point

Several studies have shown that more than 75% of organisations in the healthcare sector, including health insurance agencies, healthcare manufacturing businesses, and medical treatment establishments have at some point been infected with malware.

6. The Worldwide Cyber Security Market is Expected to Grow by 12-15% in 2020

Businesses are making fundamental shifts in the way they tackle cyber security issues and are reprioritising budgets to ensure they don’t fall victim to the ever-present security threats posed by hackers.
With the average data breach costing $150 million, it’s clear to see why businesses are driving growth in the cyber security industry.

7. There Will Be Almost 200 Billion Connected Devices by the End of 2020

When it comes to the Internet of Things (IoT), the cyber security threat is very real and growing as rapidly as the industry. Studies show that by the end of 2020, there will be roughly around 200 billion connected platforms worldwide, meaning that without adequate protection, hackers will have no shortage of targets.

8. More Than 95% of Data Breaches Occur Due to Human Error

Cyber attackers usually hack into businesses through departments that are the least secure. Interestingly, such breaches almost never happen through the IT department and generally occur due to lack of awareness by other members of staff.

9. 77% of Businesses Don’t Have an IT Disaster Recovery Plan

77% of businesses claim they don’t yet have a cyber breach response plan in place. What’s even worse – approximately 54% of organisations admit that they detected 1 or more attempted cyber attacks in the past 12 months.
If you need help preparing a disaster recovery plan for your business, you can contact Redpalm on 0333 006 3366 or drop us an email at info@redpalm.co.uk.

10. Many Businesses Take Around Six Months to Discover a Data Breach

Due to the lack of security measures, crucial information like credit card details, security numbers, and passwords are easily compromised by hackers.
The lack of rigorous data protection processes means many companies fail to identify potential threats in time, and often not until months down the line.

In Summary

Cyber security attacks are one of the greatest threats every business, regardless of size or location, is at risk of experiencing at some point. Unfortunately, this is not a threat that is going away anytime soon and will likely be present as long as the internet is.
With the constant advancement of security technologies comes the evolution of hacking and it is crucial that companies like Redpalm remain at the forefront of data security. In the next 5 years, these attacks will pose a growing threat for every individual and business operating online. This is why it is best to lay the foundation for a secure business that is prepared to fend off digital threats well in advance of potentially becoming a victim.

Contact Redpalm for Cyber security and Disaster Recovery Solutions

At Redpalm, along with our robust cyber security services, we also offer advanced training and disaster recovery solutions to businesses of all sizes.
Get in touch with us today to know more about our managed IT services!