What are the cybersecurity statistics in 2020 you need to know? Read this article to learn more.
The Cybersecurity Statistics You Should Know in 2020
Globally, the coronavirus outbreak has fuelled data breaches. Really, we’re not only under the health crisis.
Hackers and other threat actors thrive on chaos and COVID-19 is no exception. We are also in a cybersecurity pandemic. Sadly, hackers show no sign of slowing down during the crisis.
Across different industries, the current situation overwhelmed the IT teams. And worldwide economic distress also created favorable conditions for cybercriminals.
Since the beginning of the pandemic, many cybercriminals designed tactics that exploit the crisis. They even trick users and steal information.
Fraudsters disguise phishing scams as public health updates from government agencies. Fake websites purporting to sell protective health equipment.
In this article, we will be going over the cyber stats you should know about data breaches in 2020.
Cost of data breaches
The average global total cost of a data breach in 2020 is USD 3.86 million. Compared to 2019, we see a -1.5% decrease from $3.92 million. But, it has gone up by 10% since 2014.
Some industries are more affected than others. For instance, industries like energy, financial services, and pharmaceuticals had the greatest costs.
But, the healthcare sector takes the top spot. And this trend has been going on for ten years. In fact, the average cost for healthcare breaches is $7.13 million, a 10.5% increase since 2019.
Most data stolen
By far, customer personally identifiable information is the most frequently stolen type of data. It’s also the most costly one.
Reports also show that 80% of breaches involved customer PII. This includes the name, credit card number, or health information of patients.
Other types of stolen data include:
- intellectual-property
- anonymized customer data
- employee PII
- miscellaneous corporate data.
The average lifecycle of a breach
From the first detection and containment of an attack, the average lifespan is 280 days. But, it’s longer for hospitals—329 days.
Unfortunately, the longer a breach lasts affects the cost for a company. For instance, breaches with a lifecycle of over 200 days cost $4.33 million.
On top of that, this damage can linger for years after the incident. They can also face fines, penalties, and disciplinary and/or regulatory fees.
These costs include:
- Detection and Escalation. It involves forensic investigation, management, and more. On average, it covers 30% of the total cost.
- Notification. Informing breach victims is critical during the incident. Notification costs comprise about 6.2% of total breach expenses.
- Post Data Breach Response. These activities include offering support services to victims and monitoring. And it makes up 25.6% of breach costs.
- Lost Business. It includes all lost opportunities and money of companies, and even their damaged reputation. On average, the lost business makes up almost 40% of breach expenses.
Most common data breach causes
The three main causes of a data breach are:
- Human Error: Caused by negligent employees or contractors.
- System Glitches: IT and business process failures.
- Malicious Attacks: Hackers and/or criminal insiders through malware, like ransomware, phishing, and other cyberattacks.
