Tackling cybersecurity threats has become increasingly vital in the fast-growing ecommerce industry. Harnessing the power of data and statistics is essential in understanding the landscape of cyber risks faced by online businesses. In this blog post, we delve into the latest statistics surrounding cybersecurity in the ecommerce sector to shed light on the challenges and trends shaping this dynamic industry.
The Latest Cybersecurity In The Ecommerce Industry Statistics Explained
It is estimated that by 2023, cybercriminals will be stealing 33 billion records a year.
This statistic suggests that the rate of data breaches orchestrated by cybercriminals is expected to significantly increase by the year 2023, with an estimated 33 billion records being stolen annually. This implies a growing threat to the security and privacy of individuals and organizations alike, highlighting the critical need for robust cybersecurity measures to protect sensitive data. Such a projection underscores the evolving landscape of cyber threats and the importance of proactive strategies to safeguard digital information from malicious actors.
The average cost of a data breach for companies is $3.92 million as of 2019.
The statistic that the average cost of a data breach for companies is $3.92 million as of 2019 signifies the financial impact that organizations face when their sensitive information is compromised. This figure represents the expenses incurred to recover from a security breach, including investigation costs, notification to affected individuals, legal fees, regulatory fines, and loss of business due to reputational damage. Such a substantial cost emphasizes the serious consequences of data breaches on businesses, underscoring the importance of investing in robust cybersecurity measures to mitigate the risk of such incidents and protect sensitive data from unauthorized access.
80% of the data breaches in 2020 involved customer PII (personally identifiable information).
The statistic ‘80% of the data breaches in 2020 involved customer personally identifiable information (PII)’ indicates that the majority of security incidents that compromised organizations’ data in 2020 specifically targeted and exposed sensitive customer information such as names, addresses, social security numbers, and financial details. This highlights a concerning trend where cyber attackers are increasingly focusing on obtaining PII for illicit purposes such as identity theft or financial fraud. The high percentage suggests that protecting customer data should be a top priority for organizations to prevent data breaches and safeguard sensitive information from falling into the wrong hands.
E-commerce fraud increased by nearly 30% in 2017 alone.
The statistic “E-commerce fraud increased by nearly 30% in 2017 alone” indicates a substantial rise in fraudulent activity within the online shopping industry over the span of one year. This significant increase suggests that online retailers are facing a growing threat from fraudsters who are exploiting vulnerabilities in e-commerce platforms to carry out their illicit activities. The rise in e-commerce fraud highlights the importance for businesses to implement stronger security measures, verification processes, and fraud detection technologies to protect themselves and their customers from financial losses and potential damage to their reputation. Addressing this surge in fraudulent activity requires continuous monitoring, adaptation, and investment in robust security systems to safeguard against various forms of online fraud.
Credit card fraud was the most common type of identity theft in 2019.
The statistic “Credit card fraud was the most common type of identity theft in 2019” reflects the prevalence of fraudulent activities involving credit cards as a means of identity theft during the specified year. This information suggests that criminals were frequently targeting individuals’ credit card information for unauthorized transactions or fraudulent activities, resulting in financial losses and potential damages to victims’ credit scores and reputations. The data underscores the importance of safeguarding personal information and staying vigilant against fraudulent attempts to prevent falling victim to identity theft, particularly through credit card fraud.
76% of businesses reported being a victim of a phishing attack in the last year.
The statistic that 76% of businesses reported being a victim of a phishing attack in the last year indicates a pervasive threat to business cybersecurity. Phishing attacks involve fraudulent attempts to obtain sensitive information such as login credentials and financial data by posing as a legitimate entity. The high percentage of businesses affected highlights the effectiveness of phishing tactics and the vulnerability of organizations to such attacks. This statistic underscores the urgent need for businesses to prioritize cybersecurity measures, including employee training, implementing robust email security protocols, and regular security assessments to mitigate the risks associated with phishing attacks and protect sensitive business data.
73% of black hat hackers said traditional firewall and antivirus security is irrelevant or obsolete.
The statistic that 73% of black hat hackers believe traditional firewall and antivirus security is irrelevant or obsolete suggests a significant lack of confidence in these common cybersecurity measures among malicious hackers. This sentiment likely stems from the increasing sophistication of cyber threats and the evolving tactics employed by hackers to bypass traditional security measures. The high percentage of black hat hackers who hold this view highlights the urgent need for organizations to reassess their cybersecurity strategies and invest in more advanced and proactive security solutions to effectively protect against modern cyber threats.
By 2021, it’s estimated that cybercrime will cost the world $6.1 trillion annually.
The statistic states that by the year 2021, cybercrime is predicted to incur a financial cost of $6.1 trillion globally on an annual basis. This figure encapsulates the projected expenses associated with various forms of cybercriminal activities, including data breaches, ransomware attacks, identity theft, and other malicious online activities. The significant financial impact of cybercrime reflects the increasing sophistication of cyber threats and highlights the pressing need for organizations and individuals to strengthen their cybersecurity measures to mitigate risks and safeguard sensitive information. The statistic underscores the growing importance of investing in robust cybersecurity defenses to protect against the rising threat of cybercrime and its detrimental consequences on the world economy.
While 95% of data breaches have causes that could be blamed on human error, only 5% of company folders are properly protected.
The statistic indicates that human error is a significant contributing factor to data breaches, with 95% of breaches being attributed to mistakes made by individuals within organizations. This highlights the importance of training and educating employees on proper data security procedures to minimize the risk of breaches occurring. Furthermore, only a small percentage (5%) of company folders are properly protected, which suggests that organizations may not have robust security measures in place to safeguard their data adequately. This situation underscores the urgency for companies to prioritize cybersecurity measures, such as implementing encryption, access controls, and regular security audits to protect sensitive information from unauthorized access and potential breaches.
A business will fall victim to a ransomware attack every 14 seconds by 2021.
This statistic highlights the alarming rate at which businesses are becoming targets of ransomware attacks. The projection that a business will fall victim to a ransomware attack every 14 seconds by 2021 illustrates the increasing frequency and severity of cyber threats faced by organizations. Ransomware attacks involve malicious software that encrypts a company’s data and demands a ransom for its release, posing significant financial and operational risks. This statistic underscores the importance for businesses to prioritize cybersecurity measures, such as implementing robust defense mechanisms, conducting regular training for employees on detecting phishing attempts, and maintaining secure network infrastructures to mitigate the risks of falling prey to these cyber attacks.
In 2018, $1.48 billion was lost to cyber thefts in the ecommerce sector.
In 2018, cyber thefts in the ecommerce sector amounted to a total loss of $1.48 billion, indicating a significant financial impact on online businesses. This statistic highlights the growing threat of cybercrime in the digital realm, where malicious actors exploit vulnerabilities in online systems to steal valuable data and funds. The substantial monetary loss underscores the importance of cybersecurity measures for ecommerce businesses to safeguard their operations, protect customer information, and prevent financial damages. Addressing this issue requires continuous efforts in implementing robust security protocols, raising awareness about cyber threats, and collaborating with relevant authorities to combat online fraud effectively.
The US ecommerce retail suffers a loss of approximately $6.7 billion due to cyber attacks annually.
The statistic stating that the US ecommerce retail suffers a loss of approximately $6.7 billion due to cyber attacks annually highlights the significant financial impact of cybersecurity threats on the online retail sector in the United States. These cyber attacks can involve various types of malicious activities, such as data breaches, ransomware attacks, and phishing scams, targeting ecommerce businesses and their customers. The resulting financial losses from these attacks not only impact individual businesses but also have broader implications for the overall economy, consumer trust, and cybersecurity measures. It underscores the importance of investing in strong cybersecurity defenses and proactive risk mitigation strategies to protect against these threats and safeguard the integrity of ecommerce operations.
Nearly 62% of businesses admitted that they’ve experienced phishing and social engineering attacks in 2018.
The statistic that nearly 62% of businesses admitted experiencing phishing and social engineering attacks in 2018 indicates a widespread and prevalent issue in the business world. Phishing and social engineering attacks are deceptive tactics used by cybercriminals to trick individuals into disclosing sensitive information, such as passwords or financial data. The high percentage of businesses reporting such attacks suggests that these tactics are a significant threat to organizations of all sizes and sectors. This statistic underscores the importance of implementing robust cybersecurity measures, employee training programs, and proactive security strategies to protect against these types of cyber threats.
In 2020, 67% of ecommerce businesses admitted to facing an increased threat of phishing attacks.
The statistic ‘In 2020, 67% of ecommerce businesses admitted to facing an increased threat of phishing attacks’ suggests that a significant majority of ecommerce businesses acknowledged experiencing a rise in the risk of being targeted by phishing attacks, a common form of cybercrime involving fraudulent attempts to obtain sensitive information such as passwords and financial data. This indicates a concerning trend of heightened vulnerability in the ecommerce sector, highlighting the importance of implementing robust cybersecurity measures to protect both the businesses and their customers from potential phishing scams and data breaches. As phishing attacks continue to evolve and become more sophisticated, ecommerce businesses must remain vigilant and proactive in safeguarding their systems and data to mitigate the risks associated with cyber threats.
One in every 10 user-reported emails, in ecommerce businesses, is confirmed as malicious.
The statistic “One in every 10 user-reported emails in ecommerce businesses is confirmed as malicious” indicates that approximately 10% of the emails reported by users in the ecommerce industry are found to be malicious upon investigation. This suggests that there is a notable prevalence of phishing attempts, scams, or other forms of fraudulent activity targeting users through email communication within the ecommerce sector. As a result, ecommerce businesses must have robust security measures in place to detect and combat such malicious emails to protect their users and maintain trust in their online platforms.
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