The year 2023 has ushered in a myriad of new challenges and threats that have reshaped our understanding and approach to security. Here, we present 13 security statistics from 2023 that underscore the pressing need for robust security measures.
1. Minimum Cost of a Security Incident:
While quantifying the actual cost of a data breach is nearly impossible, a staggering 41% of organizations that encountered a cybersecurity incident within the last year reported costs exceeding $500,000 USD.
2. Financial Fallout of Breaches Impacts Customers:
In order to manage the financial strain that results from a security breach, 60% of organizations end up increasing the prices of their products and services for customers.
3. CEO Liability for Cyber Attacks:
Gartner predicts that 75% of CEOs will face the consequences of attacks against cyber-physical systems (CPSs). These are incidents that lead to physical and environmental harm or the destruction of property.
4. Cybersecurity Workforce Gap:
The need for more skilled cybersecurity professionals continues to be a pressing concern, leaving organizations struggling to fill critical roles. As the demand and supply remain unbalanced, Cybersecurity Ventures predicts that the number of unfilled cybersecurity jobs globally will total 3.5 million in 2023.
5. SMBs are Prime Targets for Cyber Attacks:
Accenture’s Cybercrime study revealed that 43% of all security attacks target small and medium-sized businesses, and only 14% of this vulnerable demographic are equipped to deal with these incidents.
6. Human Error’s Pervasive Role:
Despite heightened awareness and training initiatives, human error is the leading factor behind 95% of cyberattacks, emphasizing the ongoing need for education and vigilance.
7. Cybercrime Costs Will Surge:
Global cybercrime costs are projected to rise to $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015. This is greater than the financial damage caused by natural disasters in one year and will have higher profitability than the global trade of all major illegal drugs combined.
8. Unwavering Growth in Cybersecurity Spending:
Global spending on cybersecurity products and services is forecasted to exceed $1.75 trillion USD cumulatively for the five-year period from 2021 to 2025, growing 15 percent year-over-year.
9. Strong Revenue Forecast for Security Services:
Many organizations leverage security services to help them strengthen their security posture. Revenue from the security services market is projected to reach $85 billion USD in 2023 and grow 4.77% annually between 2023 and 2028.
10. Cybersecurity as a Strategic Advantage:
In previous years, many business leaders viewed security investments solely as a cost center. According to a recent KPMG survey of 1,325 CEOs, 77% see cyber and information security as a strategic function and a potential competitive advantage.
11. Explosive Increase in Ransomware Attacks:
Ransomware continues to be one of the most prevalent threats to organizations worldwide. In Q2 of 2023, there were 1,386 reported successful ransomware attacks compared to 708 in Q2 of 2023, representing a 97% increase.
12. Ransom Payments on the Rise:
Despite recommendations, 83% of victim organizations paid the ransom rather than endure further operational disruption and data losses. The average cost of ransom is $925,162 USD.
13. Third-Party Vulnerabilities Unveiled:
Supply chains are constantly expanding, and each new partner, vendor, and service provider creates new pathways for malicious parties. According to Forrester’s State of Third-Party Risk Management report, 55% of security professionals said their organization experienced an incident or breach involving a third-party provider in the past 12 months.
Moving Forward
In this dynamic cybersecurity landscape, it’s evident that the challenges are multifaceted and ever-evolving. To navigate this digital minefield successfully, organizations and individuals must remain vigilant, adapt to emerging threats, and allocate resources to robust security measures that safeguard digital assets and personal information. By staying informed about these statistics, we can collectively pave the way toward a more secure digital future.