The Latest Cybersecurity In The Events Industry Statistics Explained
Cyberattacks are the fastest-growing crime in the U.S., with costs to reach $6 trillion annually by 2021.
The statistic that cyberattacks are the fastest-growing crime in the U.S., with costs projected to reach $6 trillion annually by 2021 highlights the significant and alarming threat that cybercrime poses to individuals, organizations, and society as a whole. As technology becomes increasingly integrated into our daily lives and business operations, the opportunities for cybercriminals to exploit vulnerabilities and steal sensitive information have multiplied. The projected costs of $6 trillion serve as a stark reminder of the immense financial, reputational, and societal repercussions that cyberattacks can have if not effectively mitigated through robust cybersecurity measures and vigilance. This statistic underscores the urgent need for continued investment in cybersecurity solutions, awareness-raising efforts, and collaborative efforts among governments, businesses, and individuals to combat cybercrime and safeguard digital assets.
87% of event professionals believe that they need to increase their cybersecurity efforts.
The statistic “87% of event professionals believe that they need to increase their cybersecurity efforts” indicates a high level of awareness and concern among professionals in the events industry regarding cybersecurity. This statistic suggests that the majority of event professionals recognize the importance of enhancing their cybersecurity measures to protect their sensitive data, such as attendee information and financial transactions, from potential cyber threats. The significance of this statistic lies in the acknowledgment of the need for improved security practices within the industry to mitigate risks and safeguard both organizational and client data. The high percentage of professionals expressing this belief indicates a widespread recognition of cybersecurity as a critical aspect of operational integrity in event management.
The average cost of a data breach in 2020 will exceed $150 million.
The statistic that the average cost of a data breach in 2020 will exceed $150 million highlights the significant financial impact that organizations face as a result of cybersecurity incidents. This statistic indicates that the costs associated with data breaches, including remediation, legal fees, regulatory fines, and reputational damage, have increased substantially, underscoring the importance of investing in robust cybersecurity measures to protect sensitive information. The high costs involved serve as a warning to businesses of all sizes about the potential financial ramifications of inadequate cybersecurity practices and the critical need to prioritize data security in today’s digital landscape.
66% of smaller meetings and events are the most vulnerable to cyber threats.
This statistic indicates that the majority of smaller meetings and events are at a higher risk for cyber threats compared to larger gatherings. The term “vulnerable to cyber threats” suggests that these smaller meetings and events are more susceptible to potential unauthorized access, data breaches, or other cyber attacks. Factors such as limited resources, lower security measures, and potential oversight in cybersecurity practices could contribute to the higher vulnerability of smaller meetings and events. Organizations hosting such gatherings may need to prioritize cybersecurity measures and training to mitigate these risks and protect sensitive information from potential threats.
11% of companies take a week or more to detect a cyber incident.
The statistic “11% of companies take a week or more to detect a cyber incident” indicates that a relatively small proportion of companies have a longer detection time for identifying cybersecurity breaches within their systems. This delay in detection could potentially leave these companies vulnerable to prolonged cyber threats, allowing attackers more time to exploit security weaknesses or potentially cause significant damage. In contrast, the majority of companies may have more robust cybersecurity measures in place that enable them to promptly detect and respond to cyber incidents, thereby reducing the impact and potential risks associated with such threats.
The number of cyber attacks are expected to increase by 12% each year.
The statement ‘The number of cyber attacks are expected to increase by 12% each year’ implies a growth rate of 12% annually in the frequency of cyber attacks. This statistic suggests that there will be a constant and predictable increase in the number of cyber attacks over time. The 12% growth rate indicates a higher occurrence of cyber attacks year after year, highlighting the pressing issue of cybersecurity and the need for robust protective measures to safeguard against such malicious activities. Organizations and individuals should be vigilant and proactive in bolstering their defenses against cyber threats to mitigate potential risks and vulnerabilities.
24% of meeting planners reported that their business had been the victim of cybercrime.
The statistic stating that 24% of meeting planners reported their business being victimized by cybercrime indicates a concerning prevalence of cybersecurity incidents within the event planning industry. This finding suggests that nearly a quarter of meeting planners have experienced some form of cyberattack or unauthorized access to their organization’s data, systems, or resources. Such incidents can have significant repercussions, including financial losses, reputational damage, and disruption to business operations. Therefore, it underscores the importance for meeting planners to prioritize robust cybersecurity measures to safeguard against cyber threats and mitigate the risks associated with conducting business in an increasingly digital and interconnected environment.
The average cost of a cyber-attack to an organisation is $1.1M.
The statistic “The average cost of a cyber-attack to an organization is $1.1M” represents the typical financial impact that a cyber-attack has on a company. This figure includes direct costs such as remediation expenses, legal fees, and lost revenue, as well as indirect costs such as reputational damage and decreased customer trust. The $1.1 million average serves as a benchmark for organizations to understand the potential financial consequences of a cyber-attack and highlights the importance of investing in robust cybersecurity measures to mitigate these risks effectively.
Businesses in the event industry are 15 times more likely to suffer a cyber attack than businesses in other sectors.
This statistic indicates that businesses operating in the event industry face a substantially higher risk of experiencing a cyber attack compared to businesses in other sectors. Specifically, the likelihood of a cyber attack occurring in the event industry is 15 times higher than in other sectors. This suggests that event industry businesses are more vulnerable to cyber threats and should prioritize cybersecurity measures to protect their sensitive data, financial information, and reputation. Understanding and addressing the specific cybersecurity risks facing the event industry can help these businesses mitigate potential cyber attacks and safeguard their operations.
60% of cyber attacks target SMEs, including many events companies.
The statistic that 60% of cyber attacks target SMEs, including many events companies, highlights the disproportionate vulnerability of small and medium-sized enterprises to cyber threats. Despite the common misconception that only large corporations are at risk, SMEs are increasingly becoming prime targets for cyber attacks due to factors such as lower investment in cybersecurity measures, limited resources for protection, and outdated IT systems. The inclusion of events companies within this demographic serves as a specific example of how businesses within various industries face significant cybersecurity risks, underscoring the need for all organizations to prioritize cyber resilience and robust security measures to safeguard sensitive data and operations from potential breaches and attacks.
86% of event companies plan to increase their cybersecurity budget.
The statistic ‘86% of event companies plan to increase their cybersecurity budget’ indicates that a substantial majority of event companies are recognizing the importance of investing in cybersecurity measures to protect their digital assets and data. The high percentage suggests a heightened awareness of the growing cybersecurity threats facing the event industry, such as data breaches and cyber attacks. By increasing their cybersecurity budget, these companies aim to strengthen their defenses, improve their resilience against potential threats, and safeguard their operations from disruptions. This proactive approach demonstrates a commitment to prioritizing cybersecurity as a key component of their overall risk management strategy.
67% of enterprises are running outdated cybersecurity tools, risking event data
The statistic that 67% of enterprises are running outdated cybersecurity tools and thereby risking event data highlights a concerning trend in the current landscape of cybersecurity infrastructure. This indicates that a significant majority of businesses are potentially vulnerable to cyber threats due to using tools that may no longer provide adequate protection against evolving threats. Outdated cybersecurity tools pose a serious risk to the security and integrity of event data, potentially leading to data breaches, cyber attacks, and other security incidents that may have detrimental consequences for the affected enterprises. It underscores the importance of staying proactive in updating and maintaining cybersecurity tools to mitigate risks and safeguard sensitive information from potential threats.
Social engineering is the primary cause of cybersecurity breaches, accounting for 98% of incidents in 2019.
The statistic that social engineering is the primary cause of cybersecurity breaches, accounting for 98% of incidents in 2019, highlights the significant impact of human manipulation tactics in compromising data security. Social engineering techniques involve tricking individuals into divulging sensitive information or taking harmful actions, often through deceptive emails, phone calls, or other forms of communication. This statistic underscores the vulnerability of organizations to exploitation by malicious actors who exploit human psychology rather than technical vulnerabilities. As such, it emphasizes the importance of cybersecurity awareness training and robust security protocols to mitigate the risk posed by social engineering attacks and safeguard sensitive data.
25% of event professionals have little to no understanding about cybersecurity.
The statistic ‘25% of event professionals have little to no understanding about cybersecurity’ highlights a concerning lack of awareness and knowledge within the event industry about cybersecurity measures and best practices. This figure indicates that a significant portion of professionals involved in organizing events may not be equipped to effectively protect sensitive data, systems, and attendees from potential cyber threats. Given the increasing reliance on technology and online platforms in event planning and execution, it is crucial for event professionals to prioritize cybersecurity education and training to safeguard against cyber attacks and ensure the safety and privacy of participants and sensitive information.
62% of businesses experienced phishing and social engineering attacks in 2018.
The statistic “62% of businesses experienced phishing and social engineering attacks in 2018” suggests a prevalent and concerning trend in the cybersecurity landscape for businesses. Phishing and social engineering attacks, which involve the use of deceptive techniques to manipulate individuals into divulging sensitive information, have emerged as significant threats to organizations, leading to data breaches, financial losses, and reputational damage. The high percentage indicates that a vast majority of businesses have been targeted by such attacks, highlighting the importance of implementing robust security measures, employee training programs, and proactive measures to mitigate the risks associated with these types of cyber threats.
Cybercrime will more than triple the number of job openings over the next 5 years.
The statistic “Cybercrime will more than triple the number of job openings over the next 5 years” suggests a significant increase in the demand for cybersecurity professionals due to the rising prevalence and sophistication of cyber threats. With cybercrime posing a serious risk to organizations globally, there is a pressing need for skilled professionals to protect and defend against cyberattacks. The growth in job openings in the cybersecurity field is expected to exceed three times the current levels over the next five years, indicating the expanding roles and responsibilities within this sector. This statistic highlights the importance of investing in cybersecurity skills and talent to address the evolving challenges and threats in the digital landscape.
References
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