We live in an age where cyberspace has become critical to our day-to-day activities. The digital form has indeed entered all phases of our lives, including shopping, entertainment, etc. Needless to say, these improvements have made our lives easier. But, our growing dependence on cyber infrastructure makes us more exposed to cyber attacks. It’s important for us to determine what the current cyber security industry looks like. For that reason, we share a useful infographic on cyber security statistics.
1. By 2021, 100% of large enterprises will have a CISO position
The role of the Chief Information Security Officer (CISO) is growing in importance. Although it is a relatively new role in the corporate executive hierarchy, CISOs are seen as the leader of cyber defence for an organization. Some of the tasks they fulfil include:
- Development of security-relevant, business-specific objectives, threats and risks, and also the resulting security goals;
- Formulation and update of processes, security manuals, and security guidelines on an organizational as well as technical level;
- Auditing of functional units on the state of implementation and additional improvement of security regulations.
The most crucial part of a CISO’s job is to perform and control security technologies and solutions. In order to satisfy the CISO position, the CISO must know the organization’s processes, internal culture, and chief employees, and be included in all projects that might impact the security exposure of the organization.
Well, it is strange to believe that the CISO position didn’t exist less than a generation ago. But now the CISO role is undergoing drastic changes. The role is emerging rapidly, meaning that there isn’t any standard guide to getting hired or succeeding in that position. The average annual salary for a CISO in Switzerland in 2020 may range from CHF 145.000 up to CHF 200.000. Cybersecurity Ventures projects that 100% of large corporations globally will have a CISO position by 2021.
2. Global ransomware damage costs are projected to increase to €18 billion by 2021
Ransomware is a malicious software or a form of malware that encrypts a victim’s files, preventing them from accessing their data. The ransomware threat actor then demands a ransom to recover access to the data upon payment. If the victim doesn’t respond immediately enough to the ransom demand, the criminal may increase the amount or remove the decryption key completely, making the data impossible to recover. The decryption key is the code needed to convert encrypted data into a form that can be freely read.
Practically speaking, ransomware reaches devices in different ways, like spam with malicious file attachments or embedded links. The ransomware threat actors employ new tactics and methods to target large enterprises. Ransomware puts enormous pressure on organizations to promptly reacquire control of their systems and data. It not only causes loss of data but also downtime, which even can be life-threatening if the target is a hospital. Fresenius Group, Europe’s largest private hospital operator, has been hit in a ransomware cyber attack on May 4th of 2020.
It isn’t an easy task to estimate how much a business will lose as a result of a security breach. A 2017 industry report by Cybersecurity Ventures predicted ransomware damages would cost €18 billion by 2021. This shows that ransomware is going to remain a prime cyber security threat in the near future.
3. The global cyber security market size is projected to grow to €220 billion by 2023
The third cyber security statistics for the year 2020 regards the cyber security market size. The mounting number of cyber attacks across the internet critically affects organizations in terms of both losses of sensitive information and costs associated with it. In addition to that, the growing trend towards the digital business transformation exposes cases of phishing and other cyber security incidents.
The global cyber security market is accounted for nearly €84 billion in 2017. According to Statista, the market size is forecasted to grow to €220 billion by 2023. There are a number of global trends that have been transforming the global cyber security landscape. For instance, increasing cyber security threat sophistication, a growing number of peer-to-peer transactions, adoption of cloud computing and other novel technologies like robotics and quantum computing, etc.
4. 70% of cryptocurrency transactions will be for illegal activity by 2021
Cybersecurity Ventures predicts that more than 70% of all cryptocurrency transactions annually will be for illicit activity by 2021. In the most basic sense, cryptocurrency is digital money in electronic payment systems that usually don’t need government support or the engagement of an intermediary. Instead, cryptocurrency payments exist solely as digital records to an online database that defines particular transactions.
In fact, cryptocurrencies have numerous potential advantages including faster as well as effective settlement. However, regulatory concerns centre around their utilization in criminal activities. As of 2019, nearly $829 million in bitcoin has been spent on the dark web. The lack of regulation in the digital currency market may by itself fuel the growth of illegal activities.
5. Global spending on employee training for security awareness will reach nearly €9 billion by 2027
In the contemporary business climate, organizations encounter wide-ranging threats. So, the necessity to train and educate employees becomes clear. Unfortunately, many organizations still don’t have much of an understanding of the importance of cyber security training.
Cyber security training can help keep organizations operating efficiently when a security incident occurs. Moreover, training also demonstrates the company’s understanding of the current climate and its commitment to protecting human resources. Only through a comprehensive approach to cyber security training organizations can guarantee that each employee is security savvy.
Investing in training will provide the employees with the knowledge they need to detect and prevent threats before they impact the organization. Finally, we believe that with the help of thorough training, your employees are less likely to leave doors open and fall for the cyber attacks.