In today’s rapidly evolving digital landscape, the need for robust cybersecurity measures has become more crucial than ever. As organizations undergo digital transformation to stay competitive and meet the demands of the modern market, the need to protect sensitive data and systems from cyber threats is paramount. In this blog post, we will delve into the latest statistics surrounding cybersecurity in the digital transformation industry, shedding light on the challenges and opportunities that organizations face in safeguarding their digital assets.
The Latest Cybersecurity In The Digital Transformation Industry Statistics Explained
70% of organizations say that they believe their security risk increased significantly in 2020 due to remote work,
The statistic that 70% of organizations believe their security risk increased significantly in 2020 due to remote work highlights the impact of the shift to remote work on organizations’ cybersecurity posture. The abrupt transition to remote work in response to the COVID-19 pandemic resulted in many companies facing new challenges in securing their digital assets and networks. Without the traditional security measures and controls in place, organizations were more susceptible to cyber threats and attacks. This statistic underscores the importance of enhancing cybersecurity measures and policies to adapt to the evolving threat landscape brought about by increased remote work practices.
By 2021, cybersecurity damages are predicted to reach $6 trillion annually worldwide,
The statistic that by 2021, cybersecurity damages are predicted to reach $6 trillion annually worldwide indicates the estimated economic impact of cybersecurity breaches and incidents on a global scale. This figure encompasses various forms of damage, including financial losses, reputational harm, and operational disruptions caused by cyberattacks such as data breaches, ransomware, and system disruptions. As technology continues to advance and organizations increasingly rely on digital systems and data, the potential financial repercussions of cyber threats are projected to escalate significantly. This statistic underscores the critical importance of implementing robust cybersecurity measures to mitigate these risks and protect against potential financial and operational consequences for businesses and individuals alike.
91% of enterprises feel they need to improve their Information Governance,
The statistic that 91% of enterprises feel they need to improve their Information Governance indicates a widespread recognition within the business community of the importance of effectively managing and utilizing their data assets. Information Governance encompasses the policies, procedures, and controls that organizations put in place to ensure data quality, security, compliance, and usability. The high percentage suggests that many enterprises are facing challenges in areas such as data protection, regulatory compliance, data quality, and overall data management practices. By acknowledging the need for improvement in Information Governance, these enterprises are likely seeking to enhance their data management capabilities to drive better decision-making, mitigate risks, and maximize the value of their data assets.
The global cost of cybercrime has now reached as much as $600 billion,
The statistic ‘The global cost of cybercrime has now reached as much as $600 billion’ represents the estimated financial impact of cybercrime on a worldwide scale. This figure includes the costs associated with cyber attacks, data breaches, financial fraud, theft of intellectual property, and other forms of cybercriminal activities. The $600 billion cost highlights the significant economic implications of cybercrime, not only for businesses and organizations but also for individuals and governments. This statistic underscores the importance of investing in cybersecurity measures to mitigate the risks and protect against potential financial losses due to cyber threats.
It is predicted there will be 3.5 million unfilled cybersecurity jobs globally by 2021,
The statistic suggests that there will be a significant shortage of cybersecurity professionals around the world, with an estimated 3.5 million job vacancies in the field by the year 2021. This shortage reflects the increasing demand for skilled cybersecurity experts as organizations and governments prioritize protecting their digital assets and information from cyber threats. The prediction highlights the critical need for more individuals to pursue careers in cybersecurity to help fill this gap and address the growing challenges posed by cyber attacks and data breaches globally.
The global cybersecurity market size was USD 167.13 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 10.9% from 2021 to 2028,
The statistic indicates that the global cybersecurity market was valued at USD 167.13 billion in 2020 and is projected to experience significant growth at a compound annual growth rate (CAGR) of 10.9% from 2021 to 2028. This suggests that the demand for cybersecurity solutions and services is steadily increasing year over year, driven by factors such as the rising frequency and sophistication of cyber threats, the increasing digitization of businesses, and the expanding use of internet-connected devices. The anticipated growth in the cybersecurity market highlights the importance of organizations investing in robust cybersecurity measures to protect their data, systems, and networks from potential cyber attacks and breaches.
68% of business leaders feel their cybersecurity risks are increasing,
The statistic ‘68% of business leaders feel their cybersecurity risks are increasing’ indicates that a significant majority of business leaders perceive a rising threat to their organization’s cybersecurity. This suggests that there is a growing concern among leaders regarding potential vulnerabilities and security breaches that could impact their business operations and data security. The statistic reflects a heightened awareness of the evolving nature of cybersecurity threats and the need for organizations to continuously adapt and enhance their security measures to mitigate these risks effectively. Business leaders may be feeling the pressure to invest in cybersecurity resources and strategies to stay ahead of potential threats and protect their assets, reputation, and stakeholders from potential cyber attacks.
95% of cybersecurity breaches are due to human error,
The statistic that 95% of cybersecurity breaches are due to human error indicates the significant role that people play in the occurrence of security incidents. Human error can encompass a wide range of actions such as falling victim to phishing attacks, sharing sensitive information inadvertently, using weak passwords, or failing to follow security protocols. This statistic highlights the importance of raising awareness, providing training, and implementing robust cybersecurity measures to mitigate the risks associated with human behavior. It underscores the need for organizations to not only invest in technological solutions but also focus on educating and empowering individuals to make informed decisions and actively contribute to a more secure digital environment.
It takes an average of 56 days for most businesses to contain a cyber attack,
The statistic “It takes an average of 56 days for most businesses to contain a cyber attack” suggests that when businesses experience a cyber attack, it typically takes around 56 days for them to fully resolve the issue and mitigate its impact. This data indicates that businesses often face significant challenges in promptly identifying, addressing, and recovering from cyber attacks, potentially leaving them vulnerable to prolonged security threats and financial losses. The average duration of 56 days highlights the complexity and persistence of cyber threats faced by organizations, emphasizing the importance of strong cybersecurity measures and incident response strategies to effectively manage and mitigate cyber risks.
Ransomware attacks are likely to cost global organizations $20 billion in 2021, up from moderate $325 million in 2015,
This statistic highlights the alarming growth in financial impact of ransomware attacks on global organizations over the past few years, with costs projected to significantly rise to $20 billion in 2021 from a comparatively modest $325 million in 2015. The exponential increase in financial losses due to ransomware attacks illustrates the growing threat and sophistication of cybercriminals targeting organizations worldwide. As organizations increasingly rely on digital infrastructure and data, these attacks pose substantial economic risks, not only in terms of monetary losses but also in terms of potential reputational damage and operational disruptions. This statistic underscores the critical need for enhanced cybersecurity measures and proactive risk management strategies to mitigate the escalating threat posed by ransomware attacks in today’s interconnected digital landscape.
Cybercrime is expected to reach $10.5 trillion annually by 2025,
The statistic predicting that cybercrime is expected to reach $10.5 trillion annually by 2025 represents a significant and alarming projection of the financial impact of illegal activities in the digital realm. This estimate encompasses various forms of cybercrimes, including phishing scams, ransomware attacks, data breaches, and other malicious activities carried out by cybercriminals. The substantial increase in cybercrime costs highlights the growing sophistication and prevalence of digital threats, posing a significant challenge to individuals, businesses, and governments worldwide in terms of financial losses, data security, and overall cybersecurity preparedness. To mitigate these risks, effective strategies and investments in cybersecurity measures are crucial to combatting cybercrime and protecting digital assets in the evolving technological landscape.
By 2021, 100% of large companies globally will have a Chief Information Security Officer (CISO) position,
The statistic suggests a prediction that by the end of 2021, all large companies around the world will have established the position of Chief Information Security Officer (CISO) within their organizational structure. This projection implies a growing recognition among large companies of the importance of safeguarding their information assets and protecting their systems from cyber threats. The mandate for a CISO indicates an emphasis on information security as a critical aspect of corporate governance and risk management strategies. With the increasing frequency and sophistication of cyber attacks, this statistic underscores a proactive approach towards enhancing data security and resilience in the face of evolving cyber threats within the business landscape.
One out of every 141 attacks in 2020 was a ransomware attack,
In 2020, ransomware attacks accounted for approximately 0.71% of all cyberattacks, with one out of every 141 attacks being identified as a ransomware attack. This statistic indicates that while ransomware attacks are a serious and growing concern in the cybersecurity landscape, they still represent a relatively small proportion of the overall threat landscape. Despite their relatively low frequency compared to other types of cyberattacks, ransomware attacks are particularly concerning due to their potential for causing significant financial and operational damages to organizations, making them a key focus for cybersecurity professionals and policymakers alike.
The average cost of a data breach in 2020 was $3.86 million,
The statistic that the average cost of a data breach in 2020 was $3.86 million represents the financial impact experienced by organizations due to cybersecurity incidents and the unauthorized access, disclosure, or loss of sensitive information. This cost encompasses expenses related to investigating the breach, notifying affected individuals, implementing security improvements, potential legal fees, reputational damage, and any regulatory fines or penalties incurred as a result. The figure highlights the significant financial risks associated with data breaches and underscores the importance for companies to prioritize cybersecurity measures and invest in robust data protection strategies to safeguard their sensitive information and mitigate the potential impact of cyber incidents.
Only 5% of companies’ folders are properly protected on average,
This statistic suggests that a very small proportion, specifically 5%, of companies have adequately protected folders on average. In other words, the majority of companies surveyed are not effectively securing their folders. This could indicate potential vulnerabilities in terms of data security and information protection within the majority of companies. Proper folder protection is crucial to safeguarding sensitive information and maintaining the integrity and confidentiality of company data. Addressing this issue is essential in order to mitigate the risk of unauthorized access, data breaches, and other security threats that companies may face.
The likelihood of an organization experiencing a security breach has increased from 22% in 2017 to 29% in 2021,
The statistic indicates that the probability of an organization facing a security breach has risen from 22% in 2017 to 29% in 2021. This implies that in 2017, approximately 22 out of 100 organizations were likely to encounter a security breach, while in 2021, the number has increased to 29 out of 100 organizations. The observed increase of 7 percentage points over the four-year period reflects a concerning trend of heightened vulnerability to security threats among organizations. Factors such as advancements in technology, evolving cyber threats, and potentially insufficient security measures may have contributed to this increase in the likelihood of security breaches. Consequently, organizations are advised to enhance their cybersecurity practices and invest in robust security measures to mitigate the growing risks of security breaches.
59% of employees steal proprietary corporate data when they quit or are fired,
The statistic ‘59% of employees steal proprietary corporate data when they quit or are fired’ indicates that a significant majority of departing employees engage in unethical behavior by taking confidential information from their former employer. This behavior poses a serious security risk to the company as it can lead to intellectual property theft, data breaches, and compromised business operations. Employers need to implement robust security protocols, access controls, and monitoring mechanisms to mitigate the risks associated with insider threats. Additionally, fostering a culture of integrity, trust, and accountability within the organization can help deter such unethical behavior and protect sensitive corporate data.
References
0. – https://www.www.accenture.com
1. – https://www.www.ibm.com
2. – https://www.www.csoonline.com
3. – https://www.www.symantec.com
4. – https://www.www.forbes.com
5. – https://www.www.mcafee.com
6. – https://www.www.cybintsolutions.com
7. – https://www.www.grandviewresearch.com
8. – https://www.www.varonis.com
9. – https://www.cybersecurityventures.com
