The Latest Cybersecurity In The Toy Industry Statistics Explained
The global smart toys market, with embedded technology that can lead to cybersecurity risks, was valued at $4.9 billion in 2020.
The statistic refers to the valuation of the global smart toys market in 2020, which was reported to be $4.9 billion. This market includes toys that are equipped with embedded technology, such as internet connectivity, sensors, and cameras, that can enhance the play experience but also pose cybersecurity risks. These smart toys are capable of collecting and transmitting data, which raises concerns about privacy and security vulnerabilities that could potentially be exploited by hackers. The growth of this market highlights the increasing popularity and demand for interactive and connected toys, while also underscoring the importance of addressing and mitigating cybersecurity threats to protect children and their personal information.
It is predicted the smart toys market will grow to $15.5 billion by 2026, increasing the potential cybersecurity threats within the market.
The statistic suggests that the smart toys market is expected to experience significant growth, reaching a value of $15.5 billion by the year 2026. This growth implies an expanding market for smart toys, which are interactive connected devices equipped with various technologies such as sensors, microphones, cameras, and wireless communication capabilities. However, with this growth comes an increased risk of potential cybersecurity threats within the market. As smart toys become more prevalent and interconnected, they may become more susceptible to cyber attacks and privacy breaches, potentially putting the sensitive information of children and families at risk. Therefore, as the market grows, there is a pressing need for enhanced cybersecurity measures to safeguard against potential threats and protect the privacy and security of users.
A Canadian company that manufactures smart toys experienced a data breach that affected over 800,000 customers in 2017.
The statistic indicates that a Canadian company specializing in smart toys had a data breach incident in 2017 that compromised the personal information of more than 800,000 customers. This breach likely resulted in unauthorized access to sensitive data such as names, addresses, email addresses, and possibly payment information, posing significant privacy and security risks for the affected individuals. The company may have faced legal consequences for failing to adequately protect customer data, along with potential damage to its reputation and customer trust. Efforts to mitigate the impact of the breach, enhance data security measures, and provide support to affected customers would have been critical for the company to address the aftermath of this substantial data security incident.
A VTech data breach in 2015 exposed the information of 6.4 million children, showing the risk of compromising cybersecurity in the toy industry.
The statistic that a VTech data breach in 2015 exposed the information of 6.4 million children highlights a significant cybersecurity threat within the toy industry. This breach not only compromised the personal information of a vast number of children but also raised concerns about privacy and security implications in children’s products. The incident underscores the importance of robust cybersecurity measures to safeguard sensitive data, especially when it comes to products and services targeting vulnerable populations such as children. It serves as a stark reminder of the potential risks associated with inadequate protection of data in the digital age and emphasizes the need for companies to prioritize cybersecurity to prevent such breaches in the future.
In 2018, the FBI issued a warning about the cybersecurity risks posed by smart toys.
The statistic that ‘In 2018, the FBI issued a warning about the cybersecurity risks posed by smart toys’ highlights a significant concern regarding the vulnerability of connected devices, such as toys, to cyber attacks. As more household items become integrated with internet connectivity, there is a growing risk of these devices being exploited by malicious actors to breach privacy, steal data, or even potentially harm users. The FBI’s warning underscores the importance of being vigilant and taking necessary precautions to protect sensitive information and ensure the safety of individuals, especially children, who may be using smart toys. This statistic serves as a reminder of the evolving threat landscape in the digital age and the need for enhanced cybersecurity measures to safeguard against potential risks.
72% of all recorded malware attacks in 2019 were ransomware, potentially impacting any industry, including toy manufacturers.
The statistic that 72% of all recorded malware attacks in 2019 were ransomware indicates a significant prevalence of this particular type of cyber threat. Ransomware is a type of malware that encrypts a user’s files and demands a ransom payment in exchange for decrypting the data. This statistic highlights the widespread impact that ransomware attacks have had across various industries, including toy manufacturers. As a result, toy manufacturers and businesses in any industry should be vigilant in implementing robust cybersecurity measures to protect their systems, data, and operations from potential ransomware attacks that could disrupt their business and compromise sensitive information.
The average cost of a data breach in 2020 for all industries, including the toy industry, was $3.86 million.
The statistic indicates that in 2020, the average cost of a data breach across all industries, including the toy industry, was $3.86 million. This figure represents the financial impact of data breaches, encompassing costs related to investigations, notification, legal fees, regulatory fines, and potential loss in business as a result of the breach. Data breaches can have significant financial consequences for organizations, highlighting the importance of robust cybersecurity measures and data protection strategies to safeguard sensitive information and mitigate the risks associated with cyber threats. The $3.86 million average cost serves as a benchmark for understanding the potential financial implications of data breaches and underscores the importance of prioritizing cybersecurity efforts to protect businesses and consumers alike.
70% of Americans believe that their personal information is less secure now, an ongoing concern for smart toy manufacturers.
The statistic reveals that a significant majority of Americans, specifically 70%, feel that their personal information is less secure in the present day, which poses a consistent worry for manufacturers of smart toys. This data suggests a prevailing sense of unease among the population about the protection of their private data, potentially due to increasing integration of technology in various aspects of daily life. For smart toy manufacturers, this apprehension highlights the critical need to prioritize and enhance security measures to build consumer trust and confidence in their products. Understanding and addressing these concerns is paramount for the industry to ensure responsible data handling practices and maintain the integrity of the products they offer to the market.
Only 5% of companies’ folders are properly protected, on average, which can lead to increased cybersecurity risks in all sectors, including the toy industry.
This statistic indicates that only a small percentage (5%) of companies across various sectors have adequate protection for their folders, leaving the majority vulnerable to cybersecurity risks. These risks can have far-reaching consequences, including potential data breaches and security breaches that could compromise sensitive information and potentially harm the affected organizations. The mention of the toy industry specifically highlights that even seemingly unrelated sectors are not immune to cybersecurity threats, emphasizing the importance of robust cybersecurity measures in all industries to safeguard against data breaches and other cyber threats.
According to a survey, 88% of organizations reported phishing attempts in 2020, a risk that can also affect smart toy manufacturers.
The statistic states that in 2020, 88% of organizations surveyed reported experiencing phishing attempts, a type of cyber attack where fraudulent emails are sent to deceive individuals into revealing sensitive information. This high percentage underscores the widespread prevalence of phishing attacks and the significant threat they pose to organizations across various industries. The statistic also highlights how this cybersecurity risk extends beyond traditional sectors, noting that smart toy manufacturers are also susceptible to phishing attempts. This implies that even industries not typically associated with cybersecurity concerns must be vigilant in protecting their data and systems from potential breaches.
The average lifecycle of a phishing site in 2020 was just under 16 hours, demonstrating the rapid evolution of cybersecurity threats that the toy industry must be prepared for.
The statistic that the average lifecycle of a phishing site in 2020 was just under 16 hours highlights the fast-paced and constantly evolving nature of cybersecurity threats. Phishing sites are designed to deceive individuals into revealing sensitive information such as passwords or financial details, making them a significant risk to the toy industry and any other sector that collects customer data. The short lifespan of these sites indicates the agility and adaptability of cybercriminals in evading detection and mitigation measures put in place by cybersecurity professionals. As such, organizations in the toy industry need to prioritize proactive security measures and stay vigilant against these rapidly changing threats to safeguard both their sensitive business information and customer data.
94% of malware is delivered via email, this could include potential attacks on toy companies.
The statistic stating that 94% of malware is delivered via email suggests that a significant majority of malicious software is spread through email communications. This alarming figure highlights the prevalent cyber threat posed by email-based attacks in the digital landscape. The mention of potential attacks on toy companies specifically serves as a warning that even seemingly unrelated industries are at risk of being targeted by cybercriminals using email as a vehicle for malware delivery. This statistic underscores the importance for all organizations, including toy companies, to implement robust cybersecurity measures to protect their sensitive data and systems from potential email-based threats.
By 2021, cybercrime will cost the world $6 trillion annually, thus hitting every sector, including the toy industry.
This statistic suggests that by the year 2021, cybercrime is projected to result in a global cost of $6 trillion per year, impacting all sectors of the economy, including even industries like the toy industry. The implication is that cyber threats and attacks are becoming increasingly prevalent and severe, posing a significant financial risk to organizations of all kinds. The statistic highlights the widespread reach and potentially devastating consequences of cybercrime, underscoring the importance of implementing robust cybersecurity measures and strategies to protect against such threats in order to safeguard not only financial assets but also the integrity and stability of businesses across various industries.
It is estimated that by 2025, approximately 41.6 billion Internet of Things (IoT) devices, including smart toys, will be generating 79.4 zettabytes of data.
This statistic suggests a significant and rapid growth in the number of Internet of Things (IoT) devices by the year 2025, with an estimated 41.6 billion devices expected to be in operation. These devices, which include smart toys among other applications, are projected to generate a massive amount of data, totaling 79.4 zettabytes. This data production highlights the increasing integration of IoT technologies into various aspects of daily life, leading to substantial volumes of information being collected and transmitted. Such growth underscores the importance of effectively managing and utilizing this wealth of data to drive innovation, optimize processes, and enhance technological advancements in the future.
It took businesses an average of 287 days to identify and respond to a data breach in 2020.
This statistic indicates the average length of time it took businesses to detect and react to a data breach during the year 2020. A longer response time can amplify the negative impacts of a breach, including potential data loss, financial consequences, reputational damage, and increased regulatory scrutiny. A delay in identifying and addressing a breach can give malicious actors more time to exploit vulnerabilities and potentially escalate the severity of the breach. This statistic underscores the importance of implementing robust cybersecurity measures, proactive monitoring systems, and well-defined incident response protocols to minimize the detection and response time to data breaches, thus reducing the overall risk for organizations.
It is predicted that there will be a ransomware attack on businesses every 11 seconds by the end of 2021, a threat that can also affect toy companies.
This statistic suggests a grave and rapidly escalating threat of ransomware attacks on businesses, with a staggering prediction that an attack will occur every 11 seconds by the end of 2021. Ransomware attacks involve malicious software that encrypts a victim’s data and demands payment for its release, posing a significant risk to the affected organizations, including potential financial losses, data breaches, and operational disruptions. Furthermore, the mention of toy companies being vulnerable to this threat emphasizes the wide-reaching and indiscriminate nature of ransomware attacks, which can impact businesses across various industries. This statistic underscores the critical need for robust cybersecurity measures and preparedness to counter the escalating menace of ransomware in the contemporary digital landscape.
Around 63% of companies said their data was potentially compromised within the last twelve months due to a hardware- or silicon-level security breach, this inevitably impacts the toy industry as well.
The statistic indicates that a significant portion of companies, approximately 63%, reported that their data may have been compromised as a result of hardware- or silicon-level security breaches within the past year. This suggests a concerning trend of vulnerabilities in the cybersecurity infrastructure of businesses across various industries, including the toy industry. Such breaches can have far-reaching consequences, including data theft, financial losses, reputation damage, and regulatory fines. It highlights the critical importance of implementing robust cybersecurity measures to safeguard sensitive information and protect against potential breaches that could impact not only business operations but also consumer trust in the toy industry.
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