Cyber Security Statistics 2024 Facts and Trends That Users Need To Know 2024 (2024)

Cyber Security Statistics: In today’s digital landscape, the rise in document theft and cybercrimes is more prevalent than ever. Cyber security has now become an indispensable tool for all internet users. While important for everyone online, it holds particular significance for companies and businesses with remote workforces.

Businesses often invest in antivirus software, firewalls, and cyber insurance to fortify their data security and defend against cyber threats. Here, we delve into key cybersecurity statistics and facts to help individuals navigate the online realm, safeguard their confidential data, and reinforce their online practices.

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• The cyber security market is projected to hit a monumental USD 533.9 Billion by 2032.
• Amidst the pandemic, approximately 60% of internet users felt increasingly vulnerable to data breaches.
• In 2022, cybercriminal activities led to damages surpassing USD 6 trillion.
• Every 39 seconds, a cyber attack occurs somewhere globally.
• A ransomware attack strikes every 14 seconds on a global scale.
• Small businesses typically allocate less than USD 500 towards cyber security.
• Cybercrimes have incurred losses of over USD 2 trillion to date.
• The FBI fielded over 2000 reports of cybercrimes in 2020.
• Early in 2021, ransomware incidents surged by 102%.
• Over 75% of cyber attacks originate from scam emails.
• In 2023, companies generating over USD 5 billion annually allocated around USD 250 million each year to cyber security.
• Yet, 71% of businesses spent less than USD 250 million on security yearly.
• By September 2023, 91% of companies worldwide had encountered at least one cyber attack.
• Among them, 56% suffered notable or severe damages.
• 55% of businesses credit cyber security policies for enabling safe innovation.
• T-Mobile faced the most data breaches in 2023.
• Yahoo experienced a major breach in 2013, impacting 500 million accounts.
• Expenditure on employee security training is expected to surpass USD 10 billion by 2027, up from USD 5.6 billion in 2023.
• About 3.5 million cyber security jobs remained unfilled in 2023.
• By 2025, global cybercrime costs could escalate to USD 10.5 trillion.
• Weak security often facilitates numerous cyber attacks.
• On average, it takes 197 days to identify a breach. Remediating it within 30 days could result in substantial savings, whereas delays might cost up to USD 4.25 million.

Key Cyber Security Statistics

• Rate of Cybercrime Increase: During the COVID-19 pandemic, cybercrime rates surged by 600%, underscoring the adaptive nature of threats in evolving global contexts.
• Phishing Attacks: Phishing remains the predominant cyber attack form, contributing to 90% of data breaches. Impressively, 96% of these phishing attacks are email-based.
• Ransomware Attacks: In 2023, a staggering 72.7% of organizations encountered ransomware attacks. The associated costs are predicted to soar to USD 265 billion annually by 2031.
• Data Breach Costs: The average global data breach expense in 2023 peaked at USD 4.45 million, marking a 15% rise over three years. The US reported the highest cost at USD 5.09 million per breach.
• Cybersecurity Insurance: Cyber insurance premiums in the US escalated by 50% in 2022, accumulating premiums reaching USD 7.2 billion.
• Skills Gap in Cybersecurity: The cyber security field is projected to confront 3.5 million vacant roles by 2025, highlighting the substantial skills deficit and the mounting demand for cyber security professionals.
• Email-Based Threats: Over 75% of targeted attacks originate from emails, with 94% of malware being distributed through this channel.
• Rising Costs of Cybercrime: Cybercrime expenses are on a steep upward trajectory, anticipated to hit USD 10.5 trillion annually by 2025, reflecting a 15% annual hike.
• Healthcare Industry Expenditure: The healthcare sector is expected to invest USD 125 billion in cyber security between 2020 and 2025, emphasizing the sector’s vulnerability and critical necessity for robust security measures.

• SSL Statistics
• Backup Statistics
• Employee Theft Statistics
• Phishing Statistics
• Hacking Statistics
• Data Breach Statistics
• Two-Factor Authentication Statistics
• Cloud Security Statistics
• Chinese Cyber Attack Statistics
• Identity Theft Statistics

Cyber Security Trends

• The adoption of proactive security tools is becoming imperative, urging organizations to allocate more resources to technologies that detect vulnerabilities and security loopholes early.
• Anticipate heightened regulatory scrutiny on IoT and embedded devices, spotlighting the criticality of fortified security measures in these domains.
• A noticeable uptick in politically motivated hacktivist assaults, some directed at operational technology (OT) systems, necessitates enhanced security awareness and preparedness.
• Social engineering attacks, especially phishing, persist as significant threats, emphasizing the continual vigilance and education needed to combat them.
• The Deep & Dark Web remains a hub for cyber criminal activities, with retail/e-commerce, financial institutions, and technology services being primary targets.
• Generative AI (GenAI) is progressively playing a pivotal role in cyber security, bolstering threat prevention and empowering security analysts to tackle complex challenges.
• The global zero trust security models market is forecasted to reach $51.6 billion by 2026, signifying a shift towards stringent access controls and verification procedures.
• Ransomware assaults have witnessed a stark surge, emphasizing the exigency of proficient response and recovery strategies to mitigate their ramifications.

AI in Cyber Security Statistics

• Adoption by Telecom Organizations: A substantial 80% of telecom organizations have embraced AI-driven cyber security solutions, demonstrating AI’s escalating dominance in safeguarding intricate network infrastructures.
• Executive Perspective: Approximately 69% of
• AI is considered crucial by senior executives in responding to cyber security threats, indicating a growing dependence on AI technologies to enhance cyber defenses​​.
• Expected to expand at a remarkable annual rate of 23.6% until 2027, the AI in cyber security tech market shows the rapid evolution and increased investment in AI-fortified security measures​​.
• By 2023, up to 40% of privacy-compliance technology is projected to utilize AI, demonstrating the expanding role of AI in ensuring data privacy and adherence to regulatory standards​​.
• The incorporation of AI into cyber security policies has resulted in a 68% reduction in risky user behavior, underlining AI’s efficacy in promoting safer digital practices​​.
• Generative AI is poised to have a significant impact on cyber security, with advancements and challenges anticipated in domains such as email security and social engineering attacks​​.
• The AI in Cyber Security Market, valued at roughly USD 17.4 billion in 2022, is forecasted to reach around $102.78 billion by 2032, growing at an annual rate of 19.43% from 2023 to 2032​​.

Cyber Security Market Statistics

#1. Global expenditure on cyber security hit $6 trillion in 2021

Cyber crime is anticipated to cost the world $10.5 Trillion per annum by 2025, emphasizing the necessity for continuous growth in cyber security spending to match this increase from $3 Trillion a decade ago and $6 Trillion in 2021.

#2. The global cyber security market is poised to potentially exceed $300 billion by 2026

The escalating value of the cyber security market suggests a potential two to threefold growth in the next three years as the demand for cyber security services and solutions rises​​.

(Source: Research And Market)

#3. Market.us projects the Cyber Security Market to reach around USD 533.9 Billion by 2032

The Global Cyber Security Market size is estimated to soar to USD 533.9 Billion by 2032 from USD 193 Billion in 2023, with a projected CAGR of 11% during the forecast span from 2022 to 2032.

#4. Microsoft allocates close to $1 billion annually to cyber security initiatives

Amidst the challenges of the digital era, Microsoft remains vigilant against modern cyber security threats, with this significant investment indicative of their commitment. This sum does not include additional expenses on acquiring companies in the cyber security sector.

#5. Small firms typically invest less than USD 500 in cyber security on average

Given their cautious approach, small firms often opt for consumer-grade security services, accounting for 13% of the cyber security market. Statistics reveal that small businesses are attractive targets for cyber criminals due to their lower investment in cyber security​​.

#6. JPMorgan Chase dedicates approximately USD 600 million annually to cyber security services

With over 3,000 personnel in the cyber security unit, JPMorgan has boosted its yearly cyber security budget by an additional 100 million​​.

#7. A third of US companies have invested in liability or cyber data breach insurance

Specialized insurance provisions enable companies to recuperate losses in case cybersecurity solutions are compromised, with 68% of firms lacking such coverage and 25% considering investment, as per cyber security statistics​​.

#8. Projected growth for the Cyber Insurance market surpasses $20 billion in the next three years

Anticipated expansion in the cyber insurance sector expects to exceed $20 billion within five years, with US-based firms poised to drive most of this growth​​.

#9. Companies allocate up to USD 500,000 to probe their systems by hackers

Known as ‘White Hat’ hackers, these individuals leverage their skills for ethical purposes, aiding companies like Tesla in fortifying their security systems​​.

Cyber Crime Statistics

#9. 1 out of 10 small firms fall victim to a cyber attack annually

The vulnerability of small businesses to cyber attacks highlights the need for increased cyber security investment to safeguard against cyber criminal activities​​.

#10. Ransomware attacks occur every 14 seconds

Ransomware, a lucrative form of malware, is currently prevalent, with attacks surging in frequency​​.

#11. A cyber attack occurs every 39 seconds

Unsecured systems connected to the internet face a daily barrage of over 2,000 cyber attacks, driven by automated tools and scripts utilized by hackers to exploit vulnerabilities​​.

(According to Cybersecurity Ventures)

#12. Only 10% of cyber crimes are reported in the US

Despite hosting numerous tech giants, the US reports only a fraction of cyber crimes, often due to the challenges of substantiating such incidents​​.

#13. Predictions suggest that over 50% of future cyber crime attacks will target the US by 2027

Forecasts indicate a substantial increase in cyber crime targeting the US, underscoring the nation’s vulnerability to cyber attacks​​.

US-based companies should reinforce their protection against cyber threats due to the projected increase in cyber crime attacks within the next five years.

#14. A hospital in Germany reported the first death caused by a ransomware attack

In September 2020, the initial documented death from a ransomware attack occurred during an IT failure linked to ransomware at a hospital in Dusseldorf, Germany.

#15. Phishing accounts for more than 90% of successful cyber attacks targeting trades

Recent cyber security statistics reveal that phishing remains a prevalent form of cyber attack, leveraging human nature for its success.

#16. Phishing contributes to 37% of all cyber crime attacks on businesses

Phishing leads more than a third of the cybercrime attacks faced by organizations.

#17. Bitcoin is involved in illegal activities totaling USD 76 billion annually

Despite Bitcoin’s popularity as a cryptocurrency, it has been linked to cyber violence and unlawful activities due to its inherent anonymity in transactions.

#18. The largest DDoS attack involved the transfer of 1.3 TB of data per second

In 2018, the software depository platform GitHub experienced an immense DDoS attack where cyber criminals transferred approximately 1.3 TB of data every second.

#19. Financial motives drive most data breaches

Data breaches predominantly target credentials as the most sought-after data type, followed closely by personal information.

#20. DDoS attacks have increased by 39% compared to the previous year

Recent cyber security statistics indicate a significant rise in DDoS attacks, with cyber criminals utilizing them more frequently, particularly targeting satellite and wireless communication companies.

#21. Cyber criminals can obtain their tools for as low as USD 1

Hackers have access to basic malware kits for just $1, and other hacking tools such as compromised emails or passwords for minimal costs.

#22. A human element is responsible for 85% of data breaches

#23. During data breaches, external cloud data are more vulnerable compared to on-premise assets.

Cyber Crime Cost And Damage Statistics

#24. Predictions suggest that cyber crimes will cause an annual damage of USD 10.5 trillion by 2025

The anticipated annual damage from cyber crime attacks is projected to reach $6 trillion in 2022, with already recorded damages of USD 2 trillion due to cyber security threats.

(According to Cybersecurity Ventures)

#25. Companies lose an average of USD 188400 per year due to cyber crime attacks

Businesses, both large and small, endure significant time and financial losses combating cyber crime attacks, with about 97% of small enterprises able to recover costs due to cyber insurance.

#26. US-based companies demonstrate a reluctance to pay ransom amounts to hackers

Many US companies adhere to the policy of not negotiating with cyber terrorists, as shown by only 3% of US-based firms paying ransoms to cyber criminals.

#27. FedEx suffered USD 300 million in damages following a ransomware attack

After a cyber security breach, FedEx’s stock value plummeted by 79% per share.

#28. Atlanta incurred around USD 17 million in recovery costs after falling victim to a ransomware attack

When targeted by SamSam ransomware, the city of Atlanta faced escalating recovery expenses due to compromised data, including valuable city programs and police records.

#29. The healthcare industry is projected to invest USD 125 billion in cyber security services from 2020 to 2025

In 2018, the healthcare sector was particularly targeted by ransomware attacks, reflecting the increased frequency of cyber attacks on healthcare entities.

#30. Formjacking attacks lead to monthly damages of USD 2.2 million

Approximately 4800 websites fall victim to formjacking attacks each month, enabling cyber criminals to harvest user data like credit card details and login credentials.

#31. 47% of cybercrime victims suffer financial losses after experiencing cyber attacks, according to cybersecurity stats.

#32. In 2021, victims with infected business and personal email accounts incurred losses amounting to USD 1.86 billion.

Data Breach Statistics And Facts

#33. Experts estimate that the average cost of a data breach in 2021 was USD 13 million

Despite the growing investments in cyber insurance, cyber breaches are expected to rise in the upcoming years.

#34. The largest data breach compromised 3 billion user accounts in history

In 2017, Yahoo faced a monumental data breach, marking it as the most significant security breach incident to date.

#35. Facebook experienced a recent security breach as well

In 2019, Facebook encountered a substantial security breach, exposing account information such as names, comments, user IDs, and reactions to the public.

The security breach has led to the exposure of around 600 million FB accounts, which were stored in plain text files.

#36. Cybersecurity statistics indicate that 95 user credentials are stolen every second.

Annually, more than 3 billion passwords and credentials get compromised or stolen, either through data breaches or malware. E-banking services now require regular password updates. It is recommended by experts to have unique passwords for each website or application.

Facts About Cyber Security

#37. Following a VPN attack in April 2021, the US Colonial Pipeline paid hackers $5 million in Bitcoin.

This incident affected the company’s multi-factor authentication system.

#38. Spam has emerged as the most prevalent cyber threat exploiting the context of the COVID-19 pandemic.

Spam emails were responsible for 65.7% of online threats associated with the COVID-19 crisis.

#39. In comparison to pre-COVID times, 44% of adults felt more susceptible to cyber attacks during the COVID-19 pandemic.

Due to the lifestyle changes brought about by the pandemic, almost two out of five adults took steps to safeguard their online activities and personal information.

#40. Since the onset of COVID-19, the FBI observed a 300% surge in reported cybercrime attacks.

These attacks, which included ransomware demands for cryptocurrency payments, multiplied significantly.

#41. A majority of firms express doubts about their adequate protection against cybercrime attacks.

According to a survey, more than half of the surveyed firms harbor concerns about the security of their data. Most firms believe they need more robust defenses against cyber attacks.

#42. Despite heightened security concerns, the most commonly used password is ‘123456’.

Common and easily guessed passwords continue to pose significant cybersecurity risks as revealed by cyber security facts.

#43. Besides financial repercussions, a cybercrime attack can tarnish a company’s reputation.

Cyber attacks not only impact a company’s public image but also affect its employees and clients through data breaches.

#44. Nearly 58% of firms have over 100,000 unprotected folders.

Network firewalls serve as the primary line of defense. If companies extend protection to additional folders, hackers would find it harder to breach their systems. However, approximately 60% of firms remain vulnerable due to inadequately protected folders.

#45. Every third user account is classified as a stale account.

Even after an employee leaves the company, their account often remains active for a prolonged period, known as a stale account. Such accounts serve as potential entry points for cyber criminals.

#46. More than 40% of firms house over 1,000 unprotected sensitive files on their servers.

Many companies have not adequately secured sensitive files such as health records, credit card numbers, and Social Security numbers, posing a significant security risk.

#47. Only 20% of people in the US change their passwords after learning about hacking incidents reported in the news.

Most individuals only change their passwords when prompted or when they face difficulty remembering them. Merely one-fifth of individuals in the US update their passwords following news reports of security breaches.

#48. More than 60% of firms maintain more than 1,000 stale user accounts.

Retaining thousands of obsolete user accounts can pose risks for companies.

#49. IoT devices can be compromised within minutes of connecting to the internet.

Contrary to popular belief, IoT devices such as smart TVs, cars, speakers, and thermostats are vulnerable to cyber attacks. These devices lack integrated protection, making network firewalls the most effective defense.

#50. Users should refrain from using third-party app stores to ensure a malware-free smartphone.

Human error remains a prevalent cause of security breaches. Users are advised to exclusively use apps from manufacturers to safeguard their smartphones against hackers.

#51. There exist five types of cyber security measures.

Securing critical infrastructure, network, cloud, applications, and IoT devices are among the five categories of cybersecurity.

#52. 53% of adults believe that remote work has provided cyber criminals and hackers with an advantage.

#53. Proper defense against hackers is also essential for cloud-based storage and apps.

Recent Happenings

• AnyDesk Cyber Attack: AnyDesk, a remote desktop software company, faced a cyber attack compromising its production systems. As a precautionary measure, all security-related certificates and web portal passwords were revoked.
• Russian APT28 Hackers Targeting: The state-sponsored group, APT28, has been launching NTLM Relay Attacks targeting organizations globally in sectors like foreign affairs, energy, defense, and transportation.
• DirtyMoe Malware in Ukraine: Over 2,000 Ukrainian computers fell victim to the DirtyMoe malware, capable of executing cryptojacking and DDoS attacks.
• Cloudflare Breach: Cloudflare disclosed a breach by likely nation-state actors who accessed some documentation and a limited amount of source code.
• US Sanctions Iranian Officials: In response to cyberattacks against an Israeli PLC vendor, the US government sanctioned six Iranian government officials.
• Layoffs at Security Vendors: Okta and Proofpoint announced layoffs impacting nearly 1,000 employees in the US and Israel.
• Clorox Cyberattack Costs: Clorox reported that a cyberattack has incurred over $49 million in costs so far, with additional expenses projected for 2024.

Conclusion

Cyber security continues to evolve rapidly in 2024, driven by technological advancements and cyber criminals’ increasing sophistication. Reports from the World Economic Forum’s Global Cyber security Outlook and other authoritative sources indicate that while the number of credential leaks remains stable, cyber criminals are now resorting to more sophisticated methods to acquire them, with a considerable portion of these credentials originating from corporate sources.

This underscores the critical importance of implementing robust corporate cyber security measures to counter such threats. Moreover, the complexity of attacks is on the rise, with ransomware groups adopting advanced strategies and targeting specific industries based on vulnerabilities and potential ransom amounts. This shift towards more targeted and financially motivated cybercrimes emphasizes the urgent need for organizations to strengthen their defenses and adopt proactive security measures.

The statistics paint a picture of a digital landscape where no sector remains untouched, and the global cost of cyber crime is expected to be substantial. The United States bears the brunt of data breaches’ costs, underscoring the necessity of increased investments in cyber security measures. In response to these challenges, the trend toward leveraging artificial intelligence for threat intelligence and automation is gaining traction, presenting a promising avenue for enhancing organizational security postures.

As cyber threats grow in complexity, comprehensive monitoring and swift action are becoming increasingly critical.The importance of response and the adoption of AI-driven technologies in cybersecurity cannot be emphasized enough. Organizations must give priority to these strategies to effectively navigate the complexities of the current cyber security landscape and ensure resilience against the ever-evolving threats.