Do you think your business is too small to be hacked? Think again….

Cybercrimes have accounted for $2 trillion in losses so far in 2019, as per Juniper research.

It is estimated that by 2027, global spending on cyber security will reach $10 billion. In this age of IoT, where there is no escaping the internet, it is very important to understand the importance of cyber security and more importantly, the types of cyber security threats around you!

Here are 10 frightening cyber security facts that will shock you!

1. 50% of all Cyber attacks are targeted at small businesses

By thinking your business is too small to be attacked, it makes you a perfect target. Hackers could gain access to your data and steal consumer information, which may include personal details, credit card numbers, and social security numbers. According to Juniper research, small businesses make up to 13% of the entire cyber security market. Yet, small businesses invest less than $500 in cyber security.

As per Cybint, almost 60% of companies have experienced cyber attacks such as DDoS attacks, phishing, and social engineering attacks. The cost of recovering from such attacks is far higher than the cost of protecting against them.

2. Estimated $6 trillion in damages by 2021

As per Forbes, the estimated amount of $6 trillion will cost much more than damages from all natural disasters in a year. Surprisingly this amount exceeds even the global trade of all illegal drugs!

It is relatively easy to stay anonymous online. The use of secure VPN services enables a person to hide their actual location and identity. A VPN encrypts all the online traffic making it impossible to track a person’s online activities.

3. $76 billion of illegal activities involves bitcoin

Bitcoins have created an amazing system of digital currencies providing anonymity, safety, quick transfer, and freedom from artificially regularized currency rates by governments. Most illegal activities involve the use of Bitcoins due to the anonymity it offers.

4. Only 10% of cybercrimes are reported in the U.S each year

The United States, often regarded as the hub of technology, has greatly undercounted the rate of reported cyber crimes. This is because they are often difficult to prove. In some cases for instance where ransomware is involved, it becomes very difficult to get professional help as the criminal or hacker might post potentially embarrassing photos of you on the web, or cause reputational harm.

According to the unit chief at FBI’s Internet Crime Complaint Center (IC3), the total number of cyber crimes reported only represent 10–12% of the actual number. Imagine the stats in other countries where the internet is still an emerging technology.

5. Staggering $300 billion cyber security market

A 2019 press release by Global Market Insights indicated that it is anticipated by the year 2024 that the cyber security market will be a $300 billion industry. In fact, it seems that the amount will be much more than that as technology advances exponentially.

There are hundreds of cyber security tools available online at dirt cheap rates and even free. Be careful though as there are many predators camouflaged as utility tools. Only buy solutions from reputable businesses, such as Servnet UK.

6. Ransomware attack every 14 seconds

According to 12news.com, every 15 seconds, someone around the world joins a social media site. The 2019 Official Annual Cybercrime Report (ACR) predicts that businesses will fall for ransomware attacks every 14 seconds. 

7. Greatest data breaches in history 

Even billion dollar companies with flashy headquarters and celebrity CEO’s are not immune to cyber crimes. Take a look at some of the greatest data breaches that have happened so far:

8. Become a hacker with $1

Almost anyone can become a hacker, if they wanted to. There are many hacking tool kits and software solutions available on the dark web costing as little as $1. 

9. Malicious emails to public organizations

Symantec’s ISTR 2019 report states that public administration organizations receive one malicious email per 302 emails. The number might seem quite small, but considering the nature of work at such places, it’s very likely for employees to fall into the trap.

10. It takes 5 minutes to hack an IoT device

In their report, NETSCOUT also disclosed that on average an IoT device could be attacked easily within the first five minutes of connecting to the internet!

With the IoT there is no escaping the internet, it has become the basis of many of our daily activities, be it your, smartwatch, car, home control system, smart TVs and much more.

Conclusion

 Yes, there’s a scary online world out there waiting to hunt you down, but with the use of strong security tools such as VPNs, antivirus software from credible companies you can be assured that you are in safe hands.