The Latest Cybersecurity In The Payments Industry Statistics Explained
In 2020, 16 billion records were exposed, with some of them involved in the payment industry.
In 2020, a staggering 16 billion records were compromised, indicating a significant increase in data breaches compared to previous years. This statistic highlights the escalating threat and vulnerability of data security across various industries, with the payment sector being particularly impacted. The exposure of sensitive information in the payment industry poses a serious concern for both businesses and individuals, as it increases the risk of financial fraud, identity theft, and other cybercrimes. This alarming statistic underscores the urgent need for organizations to enhance their cybersecurity measures and prioritize data protection to mitigate the potentially devastating consequences of security breaches.
By 2021, damages from cybercrime to the payment industry are expected to reach $6 trillion annually.
The statistic reveals a concerning trend indicating the projected increase in damages from cybercrime targeting the payment industry by the year 2021. The estimated amount of $6 trillion annually signifies the potentially substantial financial impact of cyberattacks on organizations operating within the payment industry. As cybercriminals continue to advance their tactics and threat levels, businesses in the payment sector face significant challenges in safeguarding sensitive financial data and preventing costly breaches. This statistic underscores the growing importance for companies to invest in robust cybersecurity measures and technologies to mitigate the risk of cyber threats and protect their payment systems from potential financial losses.
The average cost of a data breach in the payment industry is $3.86 million.
The statistic that the average cost of a data breach in the payment industry is $3.86 million represents the typical financial impact on organizations within this sector when faced with a cybersecurity incident. This figure encompasses various expenses incurred as a result of the breach, including investigation and remediation costs, legal fees, potential regulatory fines, customer notification and credit monitoring expenses, and loss of business due to reputational damage. It underscores the significance of protecting sensitive payment data and the potential financial consequences that companies in the payment industry may face if they fail to adequately secure their systems and data. Organizations should prioritize robust cybersecurity measures to prevent and mitigate the impact of data breaches, thereby safeguarding both their financial well-being and customer trust.
The payment card industry experienced a 212% increase in incidents between 2019 and 2020.
The statistic stating that the payment card industry experienced a 212% increase in incidents between 2019 and 2020 indicates a substantial rise in security breaches or fraudulent activities within the industry. A 212% increase suggests that incidents more than tripled from one year to the next, highlighting a significant vulnerability that may have been exploited by cybercriminals. This sharp increase underscores the importance of implementing robust security measures and safeguards to protect sensitive financial information and maintain trust within the payment card industry. It also serves as a call to action for industry stakeholders to invest in enhanced security protocols and practices to mitigate the risk of future incidents.
In 2019, card not present (CNP) fraud related to payments resulted in $27.85 billion in losses.
The statistic “In 2019, card not present (CNP) fraud related to payments resulted in $27.85 billion in losses” indicates the significant impact of fraudulent activities involving card-not-present transactions during the year 2019. Card-not-present fraud occurs when a transaction is conducted without the physical presence of the payment card, typically in online or over-the-phone purchases. The $27.85 billion in losses highlight the financial ramifications faced by individuals, businesses, and financial institutions due to fraudulent activities in the payment ecosystem. This statistic underscores the importance of implementing robust security measures and fraud prevention techniques to mitigate the risks associated with card-not-present fraud and protect the integrity of the payment system.
Phishing accounts for 90% of data breaches.
The statistic that “Phishing accounts for 90% of data breaches” suggests that the vast majority of security incidents involving unauthorized access to data are initiated through phishing attacks. Phishing is a method used by cybercriminals to trick individuals into sharing sensitive information such as passwords, financial details, or personal data through deceptive emails, messages, or websites. This statistic highlights the significance of employee awareness, training, and security measures in detecting and preventing phishing attacks in order to mitigate the risk of data breaches and protect sensitive information from falling into the wrong hands.
An estimated 20% of all ecommerce sites are at risk of cyber attack.
The statistic stating that an estimated 20% of all ecommerce sites are at risk of cyber attack implies that a significant portion of online retail platforms are vulnerable to potential security breaches. This highlights the prevalent threat of cyber attacks in the ecommerce industry, where sensitive customer data, financial transactions, and other valuable information are at risk. It underscores the importance for ecommerce businesses to prioritize cybersecurity measures such as implementing strong encryption protocols, maintaining updated software, conducting regular security audits, and educating staff and customers about best practices to mitigate these risks and protect against potential cyber threats.
Cyberattacks can increase by up to 350% during peak retail periods.
The statistic that cyberattacks can increase by up to 350% during peak retail periods suggests that there is a significant rise in the number of cyber incidents targeting retail businesses during times of increased consumer activity, such as holidays or major sales events. This statistic highlights the vulnerability of retail organizations to cyber threats during these high-demand periods when there is a higher volume of online transactions and customer interactions. The substantial increase of up to 350% signifies the importance for retail companies to prioritize their cybersecurity measures and strategies to protect sensitive customer data, financial information, and maintain business continuity during these critical times.
Ransomware attacks are predicted to occur every 14 seconds by the end of 2021.
This statistic suggests that ransomware attacks are expected to become increasingly prevalent, with a projection that such attacks will occur every 14 seconds by the end of 2021. This prediction underscores the growing threat posed by ransomware, a form of malicious software designed to block access to computer systems or data until a ransom is paid. The frequency of these attacks underscores the need for organizations and individuals to prioritize cybersecurity measures, such as regularly updating software, implementing strong encryption, and conducting regular backups of critical data to protect against the potentially devastating consequences of a ransomware attack. The prediction also highlights the ever-evolving nature of cybersecurity threats and the importance of staying vigilant and proactive in mitigating risks associated with cyber attacks.
Two-thirds of organizations report that they’ve been victim to a cyber-attack in their history.
The statistic “Two-thirds of organizations report that they’ve been victim to a cyber-attack in their history” indicates that a significant majority of businesses have experienced a cyber-attack at some point. This finding highlights the pervasive threat that cybercrime poses to organizations of all sizes and industries. The frequency of cyber-attacks underscores the importance of implementing robust cybersecurity measures to protect sensitive data and assets. Organizations should take proactive steps to enhance their cybersecurity posture by investing in technologies, training employees on cybersecurity best practices, and continuously monitoring and updating their defense mechanisms to mitigate the risk of future attacks.
In 2019, Cybercrime Magazine predicted that cybersecurity will be the greatest concern for the payments industry.
The statistic “In 2019, Cybercrime Magazine predicted that cybersecurity will be the greatest concern for the payments industry” indicates that the field of cybersecurity is envisioned to become the predominant issue faced by the payments industry. This prediction emphasizes the growing importance of protecting sensitive payment data and systems from cyber threats such as hacking, data breaches, and fraud. As technology continues to advance and digital payment methods become more prevalent, the need for robust cybersecurity measures to safeguard financial transactions and customer information becomes increasingly critical. This statistic highlights the imperative for the payments industry to prioritize cybersecurity initiatives in order to mitigate risks and maintain trust with consumers.
21% of all files are not protected in any way, including some that have sensitive payment data.
The statistic that 21% of all files are not protected in any way, including some containing sensitive payment data, suggests a concerning lack of security measures in place to protect valuable information. This finding raises alarm about the potential risks associated with data breaches and unauthorized access to confidential data. The extent of unprotected files, especially those with sensitive payment information, highlights the urgent need for organizations to prioritize data security protocols and implement robust protective measures to safeguard against potential data breaches and ensure the confidentiality, integrity, and availability of sensitive information.
Hackers attack every 39 seconds, on average 2,244 times a day.
This statistic indicates the frequency of cyber attacks that occur worldwide, with hackers launching attacks approximately every 39 seconds. Extrapolated, this translates to an average of 2,244 attacks per day. It highlights the pervasive and constant threat posed by hackers to individuals, organizations, and governments, emphasizing the need for robust cybersecurity measures to protect against these threats. The statistic serves as a stark reminder of the relentless nature of cyber attacks in the digital age and underscores the importance of maintaining vigilance and implementing adequate cybersecurity protocols to mitigate the risks posed by malicious actors.
It takes organizations an average of 197 days to detect a breach in their network.
This statistic indicates the average amount of time it takes for organizations to become aware of a breach within their network. A detection time of 197 days suggests that organizations may not have efficient processes or tools in place to promptly identify security incidents, leaving them vulnerable to potential data breaches or unauthorized access for an extended period. The prolonged detection time can have significant repercussions, including increased exposure to cyber threats, data loss, financial implications, and damage to the organization’s reputation. To mitigate these risks, organizations should prioritize implementing robust security measures, continuous monitoring, and rapid incident response protocols to minimize the impact of breaches on their network security and overall operations.
There is a hacker attack every 39 seconds affecting one in three Americans each year.
The statistic that there is a hacker attack every 39 seconds affecting one in three Americans each year highlights the prevalence and significant impact of cyberattacks in today’s digital landscape. This statistic suggests that the frequency of hacker attacks is incredibly high, occurring at a rapid pace that puts a large portion of the American population at risk of cybercrime. The fact that one in three Americans are affected each year underscores the widespread and pervasive nature of these security breaches, emphasizing the critical need for robust cybersecurity measures to protect individuals, businesses, and organizations against such malicious activities. This statistic serves as a stark reminder of the ongoing threat posed by hackers and the importance of being vigilant in safeguarding sensitive data and information in the digital age.
73% of black hat hackers said that traditional firewall and antivirus security are irrelevant or obsolete.
The statistic that 73% of black hat hackers view traditional firewall and antivirus security as irrelevant or obsolete suggests a concerning trend in cybersecurity. Black hat hackers, who are individuals with malicious intent, play a pivotal role in identifying vulnerabilities in security systems. Their perception of traditional security measures as inadequate highlights potential weaknesses in current approaches to cybersecurity. This statistic underscores the need for organizations to adopt more advanced and proactive cybersecurity strategies to effectively safeguard their systems and data against evolving cyber threats. It also emphasizes the importance of staying informed about emerging cybersecurity threats and technologies to stay ahead of malicious actors.
95% of breached records came from only three industries in 2016 and the payment industry was one of them.
This statistic suggests that a large portion of breached records in 2016 came from just three specific industries, one of which was the payment industry. This highlights a concerning concentration of data breaches within a small number of sectors, indicating potential vulnerabilities and weaknesses that malicious actors may be exploiting. By emphasizing the payment industry as one of the most prominent sources of breached records, this statistic draws attention to the critical need for enhanced cybersecurity measures and safeguards within that sector to protect sensitive customer information and prevent further data breaches. It also underscores the importance of industry-specific cybersecurity regulations and standards to mitigate risks and enhance overall data security.
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