The Latest Cybersecurity In The Bpo Industry Statistics Explained
Cybersecurity in the BPO industry is estimated to reach a market size of $170.9 billion by 2027.
The statistic indicates that the cybersecurity market within the Business Process Outsourcing (BPO) industry is forecasted to grow significantly, reaching a value of $170.9 billion by the year 2027. This growth projection suggests a rising awareness and importance of cybersecurity within the BPO sector, driven by the increasing digitalization of business operations and the associated risks of cyber threats. The substantial market size reflects a growing demand for cybersecurity solutions and services among BPO companies to protect sensitive data, maintain business continuity, and comply with regulatory requirements. As the BPO industry continues to expand globally, the projected market size highlights the critical role of cybersecurity in safeguarding operations and maintaining trust with clients.
According to PWC, cybersecurity incidents among BPO companies increased by 27.4% in 2020.
The statistic provided by PWC indicates that cybersecurity incidents within business process outsourcing (BPO) companies saw a notable increase of 27.4% in 2020 compared to the previous year. This sharp uptick in cybersecurity incidents suggests a growing threat landscape for BPO firms, highlighting the need for enhanced security measures and vigilance in protecting sensitive data and systems against cyber attacks. The rise in incidents could be attributed to various factors, such as increased remote working due to the COVID-19 pandemic, evolving cybersecurity threats, and potential weaknesses in existing security protocols within BPO organizations. As such, this statistic underscores the importance of prioritizing cybersecurity readiness and investing in robust defense mechanisms to safeguard against cyber threats in the BPO industry.
About 76% of organizations plan to increase their cybersecurity budgets in 2021.
The statistic “About 76% of organizations plan to increase their cybersecurity budgets in 2021” indicates that a significant majority of organizations are prioritizing investments in cybersecurity to enhance their defenses against potential cyber threats. This statistic suggests a growing recognition among organizations of the importance of cybersecurity in safeguarding sensitive data, systems, and operations. The planned budget increases reflect a proactive approach by organizations to strengthen their cybersecurity posture and adapt to the evolving threat landscape, potentially leading to improved resilience and security measures to mitigate cyber risks in the upcoming year.
The most common types of security incidents in BPO are phishing (50%), malware (48.5%), and web-based attacks (40.3%).
The statistic provided indicates the distribution of the most common types of security incidents in Business Process Outsourcing (BPO) environments. Phishing, a form of social engineering where deceptive emails or messages are used to trick individuals into revealing sensitive information, accounts for 50% of reported incidents. Following closely behind are malware incidents at 48.5%, involving malicious software designed to disrupt, damage, or gain unauthorized access to computer systems. Web-based attacks, targeting vulnerabilities in websites or web applications, make up 40.3% of the reported incidents. These findings highlight the importance of implementing robust cybersecurity measures in BPO operations to mitigate the risks associated with these prevalent threats and protect sensitive data and privacy.
Nearly 78% of BPO companies consider Information Security the top risk to their business.
The statistic that nearly 78% of Business Process Outsourcing (BPO) companies consider Information Security the top risk to their business indicates that a vast majority of companies within this industry identify safeguarding their digital assets as a paramount concern. This suggests that BPO firms recognize the critical importance of protecting sensitive information, such as customer data, financial records, and intellectual property, from cyber threats and data breaches. The high percentage signifies a widespread acknowledgement of the potential vulnerabilities in their operations and underscores the significance of implementing robust security measures to mitigate these risks and maintain trust with clients and stakeholders.
Cybersecurity incidents cost BPO companies an average of $13 million per incident in 2020.
The statistic that cybersecurity incidents cost business process outsourcing (BPO) companies an average of $13 million per incident in 2020 indicates the substantial financial impact of cyber threats on this sector. This sizable figure reflects the costs associated with responding to and mitigating the consequences of cyber attacks, including expenses related to incident investigation, data recovery, system repair, regulatory fines, legal fees, and potential loss of business. Such high costs underscore the pressing need for BPO companies to invest in robust cybersecurity measures to protect their operations, data, and reputation from increasingly sophisticated cyber threats in the digital age.
28% of BPO companies have no response plan for cybersecurity incidents.
This statistic indicates that approximately 28% of Business Process Outsourcing (BPO) companies do not have a well-defined plan in place to address cybersecurity incidents. This suggests a concerning lack of preparedness within a significant portion of the BPO industry, leaving these companies vulnerable to potential cyber attacks or data breaches. Without a response plan to such incidents, these organizations may struggle to effectively mitigate the impact of security breaches, potentially leading to significant financial losses, reputational damage, and legal consequences. It highlights the importance of prioritizing cybersecurity measures and implementing proactive strategies to safeguard against cyber threats in today’s technology-driven business environment.
Only 5% of companies’ folders are properly protected, on average.
The statistic that only 5% of companies’ folders are properly protected, on average, suggests that a very small proportion of companies have adequate security measures in place for their data. This statistic indicates a concerning lack of protection against potential data breaches, cyberattacks, and unauthorized access to sensitive information for the vast majority of companies. It highlights the importance of enhancing cybersecurity measures and investing in robust security protocols to safeguard valuable data assets and mitigate risks associated with data security threats. Companies should prioritize implementing comprehensive security strategies to address vulnerabilities and enhance their overall data protection stance in today’s increasingly digital and interconnected business environment.
According to a report, insider threats caused 17% of cybersecurity incidents in the BPO industry in 2020.
The statistic indicates that in 2020, within the Business Process Outsourcing (BPO) industry, 17% of cybersecurity incidents were attributed to insider threats. This suggests that nearly a fifth of the cyber breaches and attacks targeting companies in the BPO sector were facilitated or caused by individuals within the organization itself, such as employees or contractors. Insider threats can manifest in various ways, including intentional malicious activities, accidental data leaks, or compromised credentials. This statistic highlights the significance of addressing insider threats through robust cybersecurity policies, employee training, access controls, and monitoring mechanisms to safeguard sensitive data and systems within the BPO industry.
In 2020, 24% of BPO organizations offer security awareness training to their staff.
The statistic “In 2020, 24% of BPO organizations offer security awareness training to their staff” indicates that approximately a quarter of Business Process Outsourcing (BPO) organizations provided security awareness training to their employees in the year 2020. This suggests that a portion of BPO companies are proactive in addressing cybersecurity risks by educating their employees on best practices and protocols for maintaining a secure work environment. By investing in security awareness training, these organizations are likely aiming to minimize the potential for data breaches, cyber attacks, and other security threats that could compromise sensitive information and disrupt business operations.
43% of cyber-attacks are aimed at small businesses, which are often served by BPOs.
This statistic highlights that a significant portion, specifically 43%, of cyber-attacks are directed towards small businesses, many of which rely on Business Process Outsourcing (BPO) services. Small businesses are increasingly becoming targets for cybercriminals due to their often limited resources and less robust cybersecurity measures compared to larger organizations. The mention of small businesses being served by BPOs emphasizes that these external service providers handling various business functions may also be at risk, potentially exposing sensitive data and information to security threats. It underscores the importance for both small businesses and BPOs to prioritize cybersecurity measures to protect themselves and the sensitive data they handle against potential cyber threats.
Every 39 seconds, there is a new attempt to breach a BPO company’s cyber barrier.
This statistic suggests that the frequency of attempted cyber breaches on business process outsourcing (BPO) companies is alarmingly high, occurring approximately every 39 seconds. This highlights the constant and relentless nature of cyber threats faced by BPO companies, which are often targeted due to the sensitive information they handle. The statistic underscores the urgent need for robust cybersecurity measures and vigilance to protect sensitive data and systems from potential breaches. The rapid rate at which these attempts occur serves as a sobering reminder of the importance of investing in cybersecurity defenses and staying ahead of evolving cyber threats in the BPO industry.
95% of breached records came from three industries in 2016: Government, retail, and technology, all of which heavily use BPO services.
The statistic indicates that in 2016, the majority (95%) of breached records stemmed from three specific industries: Government, retail, and technology. Interestingly, these industries are known to heavily utilize Business Process Outsourcing (BPO) services, which may have played a significant role in the security vulnerabilities leading to the data breaches. This finding underscores the importance of scrutinizing the cybersecurity measures and practices within these industries, particularly when outsourcing certain operations to service providers. As breaches continue to pose a substantial threat to organizations and their customers, addressing security gaps and ensuring robust data protection strategies are imperative for these sectors to safeguard sensitive information and mitigate potential risks.
53% of cyber-attacks resulted in financial damages of more than $500,000.
The statistic “53% of cyber-attacks resulted in financial damages of more than $500,000” indicates that more than half of the reported cyber-attacks led to substantial financial losses exceeding $500,000. This highlights the significant financial impact that cyber threats can have on organizations, potentially resulting in considerable costs for remediation, recovery, and potential legal liabilities. Such high financial damages underscore the importance of implementing robust cybersecurity measures and protocols to protect against cyber-attacks and minimize the risk of severe financial repercussions.
Only 38% of global organizations claim they are prepared to handle a sophisticated cyber-attack.
The statistic that only 38% of global organizations claim they are prepared to handle a sophisticated cyber-attack suggests that a significant majority of organizations worldwide may not have adequate measures in place to defend against complex cyber threats. This could indicate a concerning gap in cybersecurity readiness across industries and regions, leaving many organizations vulnerable to potentially devastating cyber-attacks. Given the increasing frequency and sophistication of cyber threats in today’s digital landscape, it highlights the urgent need for organizations to prioritize cybersecurity investments, training, and strategies to enhance their resilience and protect sensitive data and assets from cyber threats.
By 2021, estimated global cybercrime will cost $6 trillion annually.
The statistic ‘By 2021, estimated global cybercrime will cost $6 trillion annually’ suggests that cybercrime is a significant and rapidly growing threat for individuals, businesses, and governments worldwide. The projected cost of $6 trillion indicates the financial impact of cyber attacks on various sectors of the economy, including theft of sensitive information, fraud, and disruption of services. This statistic underscores the need for organizations and individuals to prioritize cybersecurity measures to protect themselves from potential financial losses and safeguard critical data and infrastructure against cyber threats.
References
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