Contributed by George Mack, Content Marketing Manager, Check Point Software.
As we approach 2023, the threat landscape has completely transformed. Hackers have developed new types of cyber attacks and methods through which they target their victims. From increasingly sophisticated forms of ransomware to the rise of hacktivism, hackers are constantly and quickly improving their cyber attacks – forcing organizations to adopt new cyber defenses to prevent such threats.
In 2023, it will be critical to keep up-to-date with the latest security trends and cyber security best practices. Below are eight important cyber security statistics that will change how you think about securing your organization moving forward.
1. Ransomware costs are predicted to exceed $265 billion by 2031. This is 13X the cost of cumulative global ransomware damage costs since 2021, which totaled $20 billion, making ransomware one of the fastest growing types of cyber crime.
Ransomware is a threat that needs to be taken seriously. Few people understand the hidden costs that go beyond the initial extortion payment, such as legal fees, monitoring costs and response and restoration expenses.
Check Point Research has observed a 24% increase in ransomware attacks year-over-year for organizations around the world. In addition, threat actors are perfecting their extortion methods to extract as much money as possible, including the utilization of quadruple extortion.
2. Quantum computing will disrupt cyber security, as it may render standard encryption algorithms useless.
Quantum computing is expected to go from 1-2% adoption to 35-45% over the next decade. While quantum computing has the potential to transform multiple industries, it also has the potential to provide threat actors with extremely powerful brute-force attack methods – potentially rendering standard encryption algorithms useless.
For example, the security algorithms we use today that would take 10 billion years to crack could take quantum computers as few as 10 seconds.
3. Ninety-one percent of all cyber attacks begin with a phishing email to an unexpected victim.
It’s often said that humans are the weakest link. And email is one of the best methods through which to get into contact with people. This means that most security breaches are avoidable if people are trained to spot and avoid phishing emails. Thus, organizations must invest in security awareness training programs.
4. The cyber security insurance market is expected to hit $14.8 billion annually by 2025. This is nearly a 2X increase from $8.5 billion in 2021.
With the increasing rate of cyber crime, companies are expected to invest in or increase investments in cyber insurance to protect themselves from financial risk.
Women in cyber
5. Women are predicted to hold 30% of cyber security positions by 2025.
The statistic goes beyond just securing corporate networks and pertains to roles like IoT, ICS security, and cyber security for aviation, military defense, automotive, medical, and other sectors.
This is excellent news for increased equality in the workplace, as women have historically been underrepresented.
Crypto crime trends
6. Cryptocurrency crime will cost the world $30 billion annually by 2025.
Due to the use of traditional currency, the world of banking has decades of experience in preventing and defending against cyber crime. However, cryptocurrency is still considered relatively new and untested in the cyber realm. The recent collapse of crypto exchange FTX has resulted in an estimated $8 billion in losses – signaling the insecurity of holding crypto.
Increasingly powerful cyberattacks
7. Cyber attacks are more likely to take down F-35 jets than missiles.
While this statistic may not be relevant to 99% of organizations, it certainly does portray the power and potential consequences that cyber attacks can have on our physical safety and infrastructure.
Growing internet population
8. Ninety percent of the human population, aged 6 years and older, will be online by 2030.
Around one million people join the internet every day. This statistic conveys the ongoing potential need for cyber security. If more people are on the internet, there will be more opportunities for threat actors to carry out cyber crimes.
The statistics discussed above portray how fast the threat landscape is changing. Moving forward, people need to adopt an agile mindset to quickly adapt to these threats.
Whether you’re concerned about state-sponsored cyber attacks or phishing emails, organizations should review and revamp their cyber security strategies for 2023.
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