The Latest Cybersecurity In The Msp Industry Statistics Explained
The cybersecurity market globally is estimated to reach a value of USD 363.05 billion by 2025.
The statistic states that the cybersecurity market is expected to grow significantly and reach a value of USD 363.05 billion by the year 2025 on a global scale. This indicates a substantial increase in the demand for cybersecurity products and services to protect organizations, individuals, and governments from cyber threats and attacks. The growing reliance on digital technologies, the increasing frequency and sophistication of cyber attacks, and the rising awareness of the importance of data security are some of the key factors driving this market growth. Companies in the cybersecurity industry are likely to experience considerable opportunities for expansion and innovation in developing solutions to safeguard against cyber threats in the coming years.
The cost of a typical cybersecurity incident in the retail industry ranges between $120,000 and $1,230,000.
This statistic highlights the financial impact of cybersecurity incidents within the retail industry, indicating that the cost can vary significantly and ranges from $120,000 to $1,230,000 on average. This wide range underscores the potential financial risks that retail businesses face due to cyber threats such as data breaches, ransomware attacks, and other security incidents. The costs associated with cybersecurity incidents can encompass various factors including investigation and remediation expenses, legal fees, regulatory fines, customer compensation, and reputational damage. It emphasizes the importance for retail organizations to invest in robust cybersecurity measures to mitigate such risks and protect their sensitive data and financial assets from potential breaches.
45% of businesses have experienced at least one cyber threat in the last year.
The statistic ‘45% of businesses have experienced at least one cyber threat in the last year’ indicates the prevalence of cybersecurity risks faced by businesses today. This means that nearly half of the businesses surveyed have encountered some form of cyber threat such as malware attacks, phishing scams, data breaches, or ransomware incidents within the past year. Cyber threats pose a significant risk to organizations, as they can result in financial losses, reputational damage, and disruption of operations. This statistic highlights the importance of implementing robust cybersecurity measures and staying vigilant against evolving cyber threats to protect business assets and sensitive information.
The average cost of a malware attack on a company is $2.4 million.
The statistic that the average cost of a malware attack on a company is $2.4 million represents the financial impact incurred by an organization as a result of malicious software infiltrating its systems. This cost includes a variety of expenses such as cleanup and recovery efforts, lost productivity, IT security enhancements, legal fees, customer notification, and potential damage to reputation. Malware attacks can disrupt operations, compromise sensitive data, and lead to financial losses, making them a significant threat to businesses of all sizes. This statistic underscores the importance of implementing strong cybersecurity measures to protect against such attacks and reduce the potential financial repercussions.
The average time to identify a breach in 2019 was 206 days.
The statistic ‘The average time to identify a breach in 2019 was 206 days’ represents the average number of days that passed between a security breach occurring and the breach being discovered by an organization in the year 2019. This metric is crucial in cybersecurity as it highlights the efficiency of a company’s detection and response measures. A shorter time to identify a breach is generally preferred as it can help limit the damage inflicted by cyber attacks. A 206-day average suggests that organizations may have faced challenges in promptly detecting and mitigating security incidents, emphasizing the need for improved detection tools, incident response procedures, and cybersecurity training for employees.
77% of IT professionals indicate they lack proper cyber threat intelligence.
The statistic that 77% of IT professionals indicate they lack proper cyber threat intelligence suggests that a significant majority of individuals working in the IT industry feel unprepared or under-equipped to effectively defend against cyber threats. This highlights a concerning gap in knowledge and resources within the sector, potentially leaving organizations vulnerable to cyber attacks. It underscores the importance of investing in robust cybersecurity measures, education, and tools to enhance threat detection and response capabilities in order to safeguard critical data and systems from potential breaches.
Human error is involved in 95% of all security breaches.
The statistic stating that human error is involved in 95% of all security breaches underscores the significant role that human actions and decisions play in cybersecurity incidents. This suggests that the vast majority of security breaches result not from sophisticated hacking techniques or malicious software alone, but rather from mistakes, carelessness, or lack of awareness on the part of individuals within organizations. This statistic highlights the importance of training and educating employees on proper security protocols, as well as the need for organizations to implement robust measures to mitigate potential human errors that could lead to security breaches. By addressing human factors in cybersecurity, organizations can reduce their vulnerability to cyber threats and better protect their valuable assets and sensitive information.
63% of MSPs have increased their security services due to the current pandemic.
The statistic “63% of MSPs have increased their security services due to the current pandemic” indicates that a majority of Managed Service Providers (MSPs) have seen a rise in the demand for security services during the ongoing pandemic. This likely suggests that businesses and organizations are prioritizing cybersecurity measures in response to the unique challenges brought about by remote work and increased online activity due to the pandemic. The increase in security services by MSPs may be driven by a need to protect sensitive data, prevent cyber threats, and ensure the continuity and security of business operations in a rapidly evolving digital landscape. This statistic highlights the critical role that cybersecurity plays in adapting to new environments and safeguarding against potential cyber risks during unprecedented times.
74.2% of all cyber crime costs are the result of malicious attacks.
The statistic ‘74.2% of all cyber crime costs are the result of malicious attacks’ suggests that a significant majority of financial losses incurred due to cyber crime can be attributed to deliberate and harmful actions by individuals or organizations with malicious intent. This highlights the critical impact of malicious attacks in the realm of cyber security, emphasizing the need for robust defense mechanisms and proactive security measures to mitigate risks and protect sensitive information. By understanding this statistic, organizations can prioritize their efforts towards preventing, detecting, and responding to malicious cyber activities, aiming to minimize potential financial and reputational damages resulting from such attacks.
Clients hold their MSPs accountable for security breaches 34% of the time.
This statistic indicates that in 34% of cases where security breaches occur, clients hold their Managed Service Providers (MSPs) accountable for the breaches. Essentially, clients are attributing security breaches to their MSPs, placing responsibility on these service providers for failing to adequately protect their systems and data. This statistic suggests that there is a significant portion of clients who believe that their MSPs should be held responsible for ensuring proper security measures are in place and that any breaches are prevented or mitigated effectively. It highlights the importance of security in the relationship between clients and MSPs, emphasizing the need for strong security practices and communication between the two parties.
68% of MSPs believe phishing and spear-phishing attacks are their clients’ top security risk.
The statistic ‘68% of MSPs believe phishing and spear-phishing attacks are their clients’ top security risk’ indicates that the majority of Managed Service Providers (MSPs) view these types of cyberattacks as the most significant threat facing their clients. Phishing and spear-phishing attacks involve malicious actors attempting to deceive individuals into divulging sensitive information such as passwords or financial details through deceptive emails or messages. The fact that such a high percentage of MSPs hold this belief suggests that they recognize the prevalence and potential impact of these attacks on their clients’ security posture and underscores the importance of implementing robust security measures to mitigate the risks associated with phishing and spear-phishing threats.
25% of MSPs reported client loss after a cyber attack.
The statistic “25% of MSPs reported client loss after a cyber attack” indicates that among Managed Service Providers (MSPs) surveyed, a quarter of them experienced incidents where their clients suffered loss as a result of cyber attacks. This statistic suggests that a non-negligible proportion of MSPs have encountered adverse consequences, such as financial impacts or reputational damage, following security breaches affecting their clients’ systems. It underscores the importance of implementing robust cybersecurity measures and preparedness strategies within the MSP industry to mitigate the risks associated with cyber threats and safeguard the interests of clients.
83% of managed service providers report their customers’ biggest concern is data recovery ability following an attack.
The statistic indicates that a significant majority, specifically 83%, of managed service providers (MSPs) have observed that their customers express the greatest concern regarding their ability to recover data in the event of an attack. This suggests that data recovery following a cybersecurity incident is a paramount issue for organizations relying on MSPs for managing their IT infrastructure and security. The high percentage highlights the critical importance of effective data recovery strategies and solutions in the realm of cybersecurity, emphasizing the need for MSPs to prioritize and enhance their data recovery capabilities to address this prevalent concern among their clients.
91% of MSPs predict that the revenue opportunity from managing SaaS applications is set to grow by at least 25% over the next three years.
The statistic indicates that 91% of Managed Service Providers (MSPs) foresee a substantial increase in revenue potential derived from managing Software as a Service (SaaS) applications, with a growth rate expected to exceed 25% within the upcoming three years. This projection suggests a high level of confidence among industry professionals in the profitability of providing services related to SaaS applications, reflecting a strong belief that demand for such services will surge significantly in the near future. The statistic underscores the perceived value and market opportunity for MSPs to capitalize on the growing trend of businesses relying on SaaS solutions and the increased need for expert management services in this domain.
1 in 3 businesses would switch MSP for a better cybersecurity solution, stating that they are willing to pay at least 20% more for the right cybersecurity solution.
This statistic suggests that one-third of businesses are dissatisfied with their current Managed Service Provider (MSP) for cybersecurity needs and would be willing to switch to a different provider if they offer a superior cybersecurity solution. Furthermore, these businesses are prepared to pay a premium of at least 20% for this improved cybersecurity service. This indicates a significant demand for enhanced cybersecurity services among businesses, highlighting the importance of robust cybersecurity measures in today’s increasingly digital landscape. This statistic underscores the potential for MSPs to differentiate themselves by offering top-notch cybersecurity solutions to meet the evolving needs and expectations of businesses in safeguarding their data and operations.
20% of MSPs saw an increase in monthly revenue per user due to the addition of security services.
The statistic “20% of MSPs saw an increase in monthly revenue per user due to the addition of security services” indicates that among managed service providers (MSPs), a subset of 20% experienced a boost in their monthly revenue per user as a direct result of offering security services. This finding suggests that incorporating security solutions into their offerings has had a positive impact on the financial performance of these MSPs by increasing the revenue they generate from each individual user or client. The statistic highlights the potential benefits that MSPs can derive from diversifying their service portfolio to include security services, thereby enhancing their revenue streams and potentially attracting more customers seeking comprehensive IT solutions.
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