WyzGuys Tech Talk

Today’s post was provided by The Broadband Search.

The worldwide cybersecurity market is expected to reach $167 billion in 2019, and it is only going to grow larger from there, given the number of attacks and the amount of wealth stored online. The line between physical and digital is being blurred more, and criminals are following the money. And often enough, the trail leads to businesses just like yours.

To put the level of growth into perspective, the market is expected to grow to $248 million by 2023.

We want to focus on the facts relating to the gravity of the threat and how you can protect your business, however, so let’s get right to it and give you some context on what you should do for your business and what you should generally be aware of regarding cybersecurity:

The General Overview for 2019

While the details are important, first we would like to share with you some statistics that demonstrate just how widespread the global cybersecurity problem is:

• Hackers can automate attacks through bots, malicious websites, and similar tools. An attack occurs on a computer with internet access every 39 seconds (on average) according to a study by the University of Maryland. Consider how many computers your business uses and do the math on that for a second.
• On the FBI’s most wanted page, there are 41 cyber-criminals. They are wanted for crimes ranging from intellectual property theft to members of well-known cyber-crime gangs.
• According to Business Insider, there will be 24 billion connected (and therefore exploitable) devices installed on the planet by 2020. That will be an estimated 3.2 devices per person living on the planet. How many devices does your business use, and are they all optimally protected?

• Gartner reports that global cybersecurity spending will increase to be over $124 billion in 2019, which will be an 8.7 percent increase from last year. There are no expectations that the spending will cease growth in the near future due to increasing government regulations regarding data security as well as consumer concerns.
• On a governmental scale, cyber-crime is considered a constant threat, with the Cybersecurity Risk Determination and Report and Action Plan noting that 25 out of 96 agencies are effectively managing their risk. With that in mind, you will likely not be able to rely on too much government aid regarding cybersecurity. Your business will need to protect itself.
• This concept is difficult to quantify, but the barriers to entry for cyber-crime are getting lower as more tools become available to the average person. More people than ever know how to conduct standard attacks, and as such low-skill (but still dangerous) cyber-crime is being attempted more often. The barrier to entry will only become lower as criminal organizations invest in tools that allow anyone off the street to become a cyber-criminal in a matter of days, boosting their overall profit.

Small Business Cybersecurity

Small businesses are often easy prey for cyber-criminals. They often don’t make cybersecurity a top priority and their limited resources prevent them from putting in place the absolute best practices and programs to protect them. To give you more context, we have some numbers and facts to illuminate the scale of the problem:

• The 2017 Ponemon Report on SMBs sponsored by Keeper showed that 61 percent of businesses experienced a cyber attack in fiscal year 2017 and 54 percent experienced a data breach. Without protection, you’re effectively flipping a coin with your business.
• According to Small Business Trends, 43 percent of cyber attacks are aimed at small businesses. We would like you to keep in mind the size of the population as well as compared to the number of small businesses in existence. This is a targeted campaign you’re dealing with.
• According to the Verizon Data Breach Investigation Report, the majority (58 percent) of malware attack victims are small businesses.
• Cybersecurity Ventures estimates that by the end of 2019 there will be an attack on small businesses every 14 seconds. We also can only expect the rate to go up as more criminals and criminal organizations turn to cyber-crime.
• According to Kaspersky Labs, in 2017 about 26 percent of ransomware attacks targeted businesses. This is especially alarming for small businesses due to the data contained on their devices. An individual user might lose some important files and photos, but a business can lose nearly everything and then some.
• The 2018 Symatec Internet Security Threat Report also sees a vulnerability regarding the Internet of Things, as there was a 600 percent attack rate increase on devices related to the IoT. You might want to be careful about the vulnerabilities created by devices in your office.
• In 2017 Ponemon conducted a poll which showed that 70 percent of organizations believed that their security risk increased dramatically that year.

We would like to note, however, that these statistics don’t spell certain doom for your business. They are only trends, and you and other business owners can break them. Your actions and preparations can clearly impact your risk level.

The Costs of Poor Cybersecurity

A successful cyber attack or data breach involving your business can cost you millions of dollars, which could bankrupt your business. Here are some more specific numbers on what lax practices can cost you:

• A joint study from IBM Security and the Ponemon Institute states that the average cost of a data breach globally is $3.86 million. The cost of each stolen record averages at $148. Consider how many records or pieces of sensitive information you are currently protecting.
• The same study notes that the average cost of a data breach for a U.S. company is $7.91 million.
• A 2018 report from McAfee states that cyber-crime currently costs the global market over $600 billion a year.
• Cybersecurity Ventures notes that the total cost of cyber-crime is likely to hit about $6 trillion each year by 2021. To put this number into perspective, this is more than the 2018 nominal GDP of Japan.

On Friday we will conclude this two-part article.