The Latest Cybersecurity Industry Statistics Explained
Cybersecurity Ventures predicts that cybersecurity spending globally will exceed $1 trillion cumulatively from 2017 to 2021.
The statistic from Cybersecurity Ventures predicts that the total global spending on cybersecurity will surpass $1 trillion between the years 2017 and 2021. This substantial amount reflects the increasing recognition of the importance of cybersecurity in today’s digital landscape, where cyber threats pose significant risks to organizations and individuals. The prediction highlights the significant investment being made by companies, governments, and individuals to protect sensitive information, prevent cyber attacks, and secure digital infrastructure. This suggests a growing awareness of the need for robust cybersecurity measures to safeguard against potential threats and mitigate the potential financial and reputational damages associated with cyber incidents.
The cybersecurity market is expected to reach $345.4 billion by 2026, growing at a Compound Annual Growth Rate (CAGR) of 9.7% from 2021 to 2026.
The statistic indicates that the cybersecurity market is projected to expand significantly, with an expected value of $345.4 billion by 2026. This growth is attributed to a Compound Annual Growth Rate (CAGR) of 9.7% forecasted from 2021 to 2026. A CAGR of 9.7% signifies a steady increase in market size year over year, suggesting sustained demand for cybersecurity products and services driven by the increasing prevalence of cyber threats, digital transformation initiatives, and regulatory requirements. The substantial growth forecast underscores the growing recognition of the importance of cybersecurity in today’s interconnected digital landscape, with organizations and individuals alike investing in protective measures to safeguard their valuable data and assets.
It is estimated that damage related to cybercrime will hit $6 trillion annually by 2021.
The statistic ‘It is estimated that damage related to cybercrime will hit $6 trillion annually by 2021’ indicates the projected financial impact of cybercrime worldwide by the year 2021. This staggering figure represents the anticipated total cost resulting from various cyber threats, including data breaches, ransomware attacks, phishing schemes, and other malicious activities conducted in the digital realm. The forecasted $6 trillion in annual damages underscores the growing threat posed by cybercriminals and emphasizes the critical need for organizations and individuals to prioritize cybersecurity measures to safeguard against potential financial losses and protect sensitive information from cyber threats.
North America is expected to have the largest share in the cybersecurity market due to the extensive growth of data and the need for security solutions.
The statistic suggests that North America is projected to dominate the cybersecurity market primarily because of the significant growth in data volumes and the increasing demand for robust security solutions to protect this data. As businesses and organizations in North America continue to experience a surge in data creation and storage, the risks associated with cyber threats and data breaches also escalate. Consequently, the region is anticipated to invest heavily in cybersecurity technologies and services to safeguard sensitive information, intellectual property, and critical infrastructures. Given the advanced technological landscape and the prevalence of cyber attacks in North America, it is anticipated to hold the largest market share in the cybersecurity industry to address these growing security concerns effectively.
There will be 3.5 million unfilled cybersecurity jobs globally by 2021.
The statistic ‘There will be 3.5 million unfilled cybersecurity jobs globally by 2021’ suggests a looming workforce gap in the cybersecurity industry. This projection indicates a significant shortage of skilled professionals to meet the growing demand for cybersecurity expertise across various sectors worldwide. The cybersecurity field is critical for safeguarding sensitive data, systems, and networks against cyber threats, making this shortage a cause for concern in terms of potential vulnerabilities and gaps in security measures. Addressing this shortfall will require focused efforts to upskill existing workers, attract new talent, and promote cybersecurity education and awareness to bridge the gap and enhance global cybersecurity resilience.
More than 30% of all cyber attacks are launched against small businesses.
The statistic that more than 30% of all cyber attacks are launched against small businesses highlights the vulnerability of these entities in the digital landscape. Small businesses often have limited resources and expertise to invest in robust cybersecurity measures, making them attractive targets for cybercriminals seeking to exploit their vulnerabilities. These attacks can have devastating consequences for small businesses, leading to data breaches, financial losses, reputation damage, and even business closure in some cases. Therefore, it is crucial for small businesses to prioritize cybersecurity efforts, such as implementing secure systems, regular training for employees, and staying informed about emerging threats, to protect themselves from the growing threat of cyber attacks.
95% of cybersecurity breaches are due to human error.
The statistic that 95% of cybersecurity breaches are due to human error highlights the significant role that individuals play in the security of digital systems. This statistic suggests that the majority of breaches occur as a result of mistakes made by people within an organization, such as falling victim to phishing scams, using weak passwords, or failing to follow proper security protocols. While technological solutions are important for protecting against cyber threats, this statistic emphasizes the essential need for education, training, and awareness among employees to mitigate the risks associated with human error and strengthen overall cybersecurity defenses.
230,000 new malware samples are produced every day, and this is predicted to only keep growing.
The statistic that 230,000 new malware samples are produced every day highlights the alarming rate at which malicious software is being created and poses a significant threat to individuals, organizations, and society as a whole. This constant barrage of new malware samples points to the evolving and increasingly sophisticated nature of cyber threats, making it challenging for cybersecurity experts and systems to keep up. The prediction that this trend is likely to continue growing underscores the urgent need for stronger cybersecurity measures, vigilant monitoring, and proactive measures to protect against cyber attacks and safeguard sensitive information and systems from cyber threats.
The number of phishing attacks increased by 667% in March 2020.
The statistic ‘The number of phishing attacks increased by 667% in March 2020’ indicates a substantial rise in the frequency of phishing attacks compared to the previous time period. Specifically, the 667% increase suggests that the number of phishing attacks in March 2020 was nearly seven times higher than in the prior month or year. This significant surge in phishing attacks can be alarming for individuals and organizations as it signifies a heightened threat to cybersecurity. It underscores the importance of implementing robust security measures, raising awareness about phishing tactics, and staying vigilant to protect against cyber threats.
The average data breach costs $3.86 million as of 2020.
The statistic that the average data breach costs $3.86 million as of 2020 represents the financial impact that organizations face when their data security is compromised. This cost includes expenses related to investigating the breach, mitigating its effects, notifying affected individuals, legal fees, and potential fines. Additionally, there are costs associated with reputational damage, loss of customer trust, and future revenue impacts. This statistic underscores the significant financial burden that data breaches impose on businesses and highlights the importance of investing in robust cybersecurity measures to prevent and respond effectively to such incidents.
It takes 280 days on average to identify and contain a breach.
The statistic reveals that, on average, it takes 280 days for an organization to identify and contain a breach once it has occurred. This metric highlights the significant amount of time it can take for businesses to detect and respond to security incidents. The delay in identifying and mitigating breaches can potentially result in extensive damage to the organization, including data loss, reputational harm, financial losses, and regulatory penalties. Consequently, organizations should focus on improving their cybersecurity measures to shorten the time it takes to detect and contain breaches, thereby reducing the impact of security incidents.
Ransomware attacks are set to occur every 11 seconds in 2021.
The statistic “Ransomware attacks are set to occur every 11 seconds in 2021” highlights the alarming frequency at which ransomware attacks are expected to happen this year. This means that on average, a new ransomware attack is projected to take place every 11 seconds, posing a significant threat to individuals, businesses, and organizations worldwide. The rapid pace of these attacks underscores the pervasive vulnerability of digital systems to ransomware, emphasizing the critical need for robust cybersecurity measures, awareness, and preparedness to mitigate and combat this growing cybersecurity threat in 2021.
Cybersecurity spending in critical infrastructure sectors is projected to reach $105.99 billion in 2021.
The statistic indicates that a significant investment of $105.99 billion is forecasted to be made in cybersecurity within critical infrastructure sectors in the year 2021. This substantial allocation of funds reflects the growing recognition of the importance of protecting critical infrastructure assets, such as energy, transportation, and communication systems, from cyber threats and attacks. The increased spending in cybersecurity within these sectors demonstrates a proactive approach towards strengthening their defenses and resilience against potential cyber risks, in line with the growing dependence on digital technologies and the escalating threat landscape. This investment is crucial for safeguarding critical infrastructure systems and ensuring their continued operation and integrity in the face of evolving cyber threats.
The Healthcare sector was the most targeted industry by cyber attacks in 2020.
The statistic “The Healthcare sector was the most targeted industry by cyber attacks in 2020” indicates that the healthcare industry experienced the highest number of cyber attacks compared to other industries during the year. This suggests that healthcare organizations were at a heightened risk of security breaches, data theft, and other cyber threats. The high volume of attacks on the healthcare sector could be attributed to the valuable sensitive data it holds, including patient records, financial information, and intellectual property, making it an attractive target for cybercriminals. As a result, healthcare organizations need to prioritize cybersecurity measures and invest in robust defenses to safeguard against potential cyber threats and protect the privacy and security of their data.
The global average cost of a ransomware attack recovery has more than increased to $84,116 in Q3 2020.
The statistic indicates that the average cost of recovering from a ransomware attack has significantly risen to $84,116 in the third quarter of 2020. This increase suggests that the financial impact of ransomware attacks continues to grow, potentially due to the rising complexity and sophistication of such cyber threats. Organizations are facing higher costs associated with remediation, forensic investigations, data recovery, and potential ransom payments. It underscores the importance for businesses to invest in robust cybersecurity measures and incident response plans to mitigate the risks and potential financial losses associated with ransomware attacks.
72% of companies say their ability to prevent, detect, contain and respond to cyber attacks have improved in the last year.
The statistic that 72% of companies report an improvement in their ability to prevent, detect, contain, and respond to cyber attacks over the past year indicates a positive trend in cybersecurity readiness among organizations. This suggests that a significant majority of companies have taken steps to enhance their cybersecurity measures and are better equipped to defend against and manage potential cyber threats. The reported improvement may be attributed to increased investments in cybersecurity technologies, enhancements in training and awareness programs, or the implementation of more robust incident response plans. Overall, this statistic highlights a growing recognition of the importance of cybersecurity and a proactive approach by companies to strengthen their defenses against cyber attacks.
The cost for cybercrime committed globally is adding up to over $1 trillion dollars in 2020.
The statistic that the cost for cybercrime committed globally has surpassed $1 trillion dollars in 2020 indicates the significant financial impact and scale of cybercrimes on a worldwide level. This staggering figure encompasses various types of cybercrimes such as data breaches, identity theft, fraud, ransomware attacks, and other malicious activities that target individuals, organizations, and governments. The escalating costs associated with cybercrimes reflect the growing sophistication of cyber threats and the critical need for stronger cybersecurity measures and regulations to safeguard against these threats. This statistic underscores the urgency for continued investment in cybersecurity technologies and practices to mitigate the economic losses and disruptions caused by cybercriminal activities.
References
0. – https://www.cybersecurityventures.com
1. – https://www.www.cybintsolutions.com
2. – https://www.purplesec.us
3. – https://www.www.infosecurity-magazine.com
4. – https://www.www.ibm.com
5. – https://www.www.securitymagazine.com
6. – https://www.www.pandasecurity.com
7. – https://www.www.coveware.com
8. – https://www.www.isaca.org
9. – https://www.securityboulevard.com
10. – https://www.www.prnewswire.com
11. – https://www.www.globenewswire.com
