Should we start by answering the question? Yes – cybersecurity risks are most definitely out of control. If you look at some of the statistics we’ll give you further into the article, you’ll see why cyber security doesn’t feel out of control: it is. The question should be, why are cybersecurity risks so out of control? Read on to find out more.
Why Cybersecurity Has Become a Big Problem
There probably is not a single organization or person that doesn’t use a computer and the internet. That, right there, is your problem. There’s so much vulnerability and a lack of conscious effort to improve online safety. Everyone from individuals to SMEs to large organizations is vulnerable and SMEs don’t always have the budget or the understanding to use an intrusion prevention system, have a healthy cybersecurity posture, etc.
The result? We have some statistics for you:
- There were 343,338,964 victims of cyberattacks in 2023
- There was a 72% increase in 2023 in data breaches since 2021
- In 2024, data breaches cost an average of $4.88 million for businesses.
- 94% of organizations reported email security incidents
- 2023 was a record year for cyberattacks
There are so many more statistics we could give you, and it’s simply that there are so many exposed vulnerabilities. And it’ll be interesting to see how those statistics change as they’re updated in 2025, with 2024 surely to be a new record year for cyberattacks.
At the same time, the nature and scope of the attacks commenced are more complex than ever. Simple viruses have turned to more advanced techniques like ransomware, phishing, and advanced persistent threats. This problem is compounded by organized crime groups and even state-sponsored perpetrators injecting tools to commit data breaches, hold systems hostage, or steal sensitive data.
What Are the Biggest Risks?
Ransomware is, without a doubt, the deadliest cyber threat and the most common. In 2024, 65% of financial organizations reported a ransomware attack, up from 24% in 2021. Statistics vary, but across all industries, there were roughly 4,611 cases reported in 2023.
A ransomware attack is where the attacker infiltrates a network and encrypts information that can’t be accessed unless you pay the ransom fee. This attack has targeted health, finance, and massive organizations, even up to state governments.
Phishing attacks are also common. People are sent spam emails that ask for critical details like credit card numbers or passwords. These attacks have evolved into impersonating real companies and even close friends. The issue is now that they’re looking so much more realistic, so we do understand why people are falling for them. There are 3.4 billion spam emails sent every day.
Standard data breaches and hacks are also some of the worst and most common. Cybercriminals steal sensitive information like credit cards, social security numbers, or even private health information and use it most often for identity theft.
You’ve also got:
- DDoS attacks
- Insider threat attacks
- Spoofing
And, sadly, so many more! It’ll be interesting to see how cyber attacks evolve into 2025. If it carries on the way it is, there will be so many ways hackers can exploit individual and organizational data.
Are Businesses or Individuals More Vulnerable?
Both.
It’s 50/50 about which one is more vulnerable and why. Businesses are more vulnerable because they’re the bigger targets with more data and more money – ransomware attacks are most common on organizations because they have the money to pay.
But at least businesses try to protect themselves with cybersecurity prevention systems and cybersecurity protection investments. Individuals are perhaps less aware of the risks and don’t have the same cybersecurity posture as a business would – posture meaning the strength of cybersecurity controls and protocols. A statistic for you, one in eight adults in America uses the same password for every single account they have, and it isn’t necessarily a strong password.
People in this category are also at risk more than ever with increased online usage of stored personal information. Social networks, online banking, and online shopping are examples of activities that accumulate massive amounts of private details that can be abused by cybercriminals.
Steps to Take for Cyber Safety
Here’s a step-by-step guide on how businesses and individuals can protect themselves from cyberattacks:
- Implement Strong Security Measures:
- Install firewalls
- Use encryption
- Enable Multi-Factor Authentication (MFA)
- Keep Software Updated:
- Regularly update operating systems and software.
- Run diagnostics on systems to identify and fix vulnerabilities.
- Employee Training (For Businesses):
- Do regular cybersecurity awareness training for employees.
- Educate employees about phishing attacks, ransomware, user profile security, etc.
- Create Strong, Unique Passwords:
- Use unique, strong passwords for different accounts.
- Use password managers to store and create secure passwords.
- Beware of Suspicious Emails and Attachments:
- Avoid clicking on spammy-looking links or downloading attachments.
- Use Advanced Security Tools:
- Install antivirus software.
- Use a Virtual Private Network (VPN).
- Back up important data regularly.
There’s almost no escaping cybersecurity attacks. Even organizations with the most advanced systems are vulnerable to cyber-attacks. What we will say, to all the individuals, is there’s probably a lot more you can be doing to protect yourself from cybersecurity attacks. It’s a case of knowing where you’re vulnerable.
