Don’t Become the Next Cybercrime Statistic

by | Oct 30, 2017

Business leaders throughout the world are scrambling for ways to ensure their organization is as secure as possible against cybercrime. Security procedures simply aren’t enough as more than 4,000 ransomware attacks alone occur per day in the last year with a year over year increase of 300%. This doesn’t take into account other cybersecurity attacks such as malware, which is being introduced into systems at the rate of 200,000 instances per day as documented by Panda Labs, a premier international security solutions provider. Phishing emails are also growing at a shocking rate. Let’s dive a little deeper into some of the risks as well as a cybercrime statistic or two.

Types of Cyberattacks

Ransomware is one of the hottest types of criminal digital activity, and occurs when an individual places a lock or hold on your organization’s data or system access — requesting a payoff in order to release your information. This ransom is generally paid in untraceable bitcoins, a currency created in 2009 that requires no bank, no transaction fee and no need to provide your real name. The unregulated nature of the currency makes it ideal for multi-national transactions where the sellers and buyers requires anonymity.

Interesting cybercrime statistic: Businesses are currently attacked by ransomware every 40 seconds. 

Malware and Spyware have been around for decades, and are variations of the same type of attack. In essence, a cybercriminal attempts to gain access to your systems, software and data for nefarious uses. This could be anything from a general malcontent, such as an individual who was recently fired from your organization, to a competitor seeking to damage your organization.

Interesting cybercrime statistic: More than 15 percent of businesses in top industry sectors have suffered an attack. 

Phishing Attacks often target vulnerable business users, who may not be as familiar with the types of attacks that can happen and may not have security procedures top-of-mind. In phishing or social engineering attacks, a cybercriminal attempts to learn more about individuals in order to encourage them to take an action that opens a vulnerability within your system. This could manifest in a variety of ways, such as a hacker targeting your organization specifically and looking for business users on LinkedIn or Facebook and using tidbits of information they’ve shared socially to entice the user to click a link — which can provide egress into your organization’s core data or infrastructure.

Interesting cybercrime statistic: Nearly 98% of phishing emails primarily distribute their attack via Microsoft Office or JavaScript attachments to an email. 

Brute force attacks includes what many think of as traditional hacking, where an individual writes a sophisticated algorithm or piece of software that searches your system for vulnerabilities. Attacks of this nature often include attempts to ferret out passwords from within your systems. Unfortunately, this type of attack can be easier for hackers to commit due to security flaws introduced by individuals, such as ineffective passwords that are too easy to guess.

Interesting cybercrime statistic: In December 2016, a single WordPress security provider was seeing over 13,000 unique IP addresses launching brute force attacks per day.

Online crime is rising. Are you the next cybercrime statistic?

Phishing emails are often considered an attack vector for ransomware attacks, and together these tactics are having a devastating effect on businesses everywhere. While nearly 78% of individuals are aware that it can be dangerous to click unknown links within an email, the majority of these users continue to click — and unwittingly open vulnerabilities into their systems. Updated statistics showing all of 2016 are frightening to say the least:

  • Of the 78% of individuals in a recent study who admitted they were realized clicking links in phishing emails could lead to a hack, 45% of those same people clicked the link during a mock phishing attack
  • 18 million new samples of malware were captured in Q3 2016 by Panda Labs alone
  • Phishing emails that contained ransomware grew from 92% in Q1 2016 to 97.25% in Q3 2016
  • The costs to remediate ransomware attacks will exceed $5 billion globally in 2017
  • By 2021, Cybercrime damage costs are expected to grow to $6 trillion per year
  • The cost per record stolen is around $220 in the U.S.
  • Nearly 50 percent of U.S. small to medium-sized businesses reported a cybersecurity attack in the last 12 months
  • 63 percent of data breaches occurred due to a weak, stolen or default password — meaning they were preventable

While the numbers quoted above are quite shocking, perhaps the most damaging statistic can be found in the dollars lost to cybercrime in any given year. Not only do businesses spend hundreds of thousands of dollars recovering from the data breach, it also takes over $1 million to restore normal business operations after a breach with notification costs alone running around $0.59 million on average.

Ransomware Protection

Cybercrime statistics can be terrifying to any business owner, and it can be difficult if not impossible to prevent this type of attack. The influx of devices that are accessing deep into organizational databases continues to be a challenge as well. However, there are ways that your organization can prepare for this type of devastating attack. What’s a business to do in the face of this alarming trend?

Business Continuity Solutions

Part of the high cost of resuming normal business operations after an attack is due to the challenges of regaining access to critical business software and customer data. Fortunately, business continuity solutions such as the Datto SIRIS 3 actively monitors your organization’s systems, quickly detecting a ransomware attack and notifying administrators of the finding. While stopping an attack is still difficult, knowing that a full backup is within reach allows your technology team to quickly restore the business to active state without extensive downtime.

Learn more about Datto SIRIS 3 and other security solutions by contacting Invenio IT today at 646-395-1170 or learn more about this fast recovery solution today online. The hybrid cloud solution provides you with peace of mind and a greater level of protection for your critical business systems and data.

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Tracy Rock is the Director of Marketing at Invenio IT. Tracy is responsible for all media-related initiatives as well as external communications—including, branding, public relations, promotions, advertising and social media. She is one busy lady and we are lucky to have her!

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