Staying Ahead of Cyber Threats:
Must-Know Insights for Modern Organizations
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Good cyber hygiene starts with the fundamentals. Here’s the cyber primer you need to get prepared for what’s now and next in risk management and response.
Stats to Know
There is a cyberattack every 39 seconds.
82% of breaches involve human error or misuse, including credential theft and social engineering.
The average cost of a data breach in the United States is $9,440,000.
A ransomware attack happens every 14 seconds.
Ransomware attacks have risen by 13% in the last five years, with an average cost of $1.85 million per incident.
On average, companies take about 197 days to identify and 69 days to contain a data breach!
There are 3.5 million vacant cybersecurity job openings.
50% of businesses plan to use AI in their cybersecurity plans by the end of this year.
Only 45% of organizations mandate formal security awareness training for ALL employees - a huge opportunity missed.
Types of Cyberattacks
Uncovering the Goals Behind Cyberattacks: What You Need to Know
Financial Gain
Attackers may target organizations or individuals to steal sensitive financial information, such as credit card details, bank account credentials, or personal identification information. They may also employ techniques like ransomware to encrypt data and demand a ransom in exchange for its release.
Data Theft or Espionage
Attackers may target corporations, research institutions, government agencies, or individuals that have valuable data like trade secrets, intellectual property, or classified data, with the intention of selling or exploiting the stolen information for competitive advantage or other illicit purposes.
Disruption or Destruction
Some cyberattacks are aimed at causing damaging or disabling computer systems, networks, or critical infrastructure. Cybercriminals or state-sponsored actors may launch such attacks to disrupt or impair operations, gain leverage, or undermine the infrastructure of their targets.
Political or Ideological Motives
Hacktivist groups or state-sponsored actors may engage in cyber warfare to achieve geopolitical objectives, promote their agendas, or retaliate against perceived adversaries. These attacks may target government institutions, political organizations, or entities representing opposing ideologies.
From Malware to Man-in-the-Middle: The Most Common Cyberattack Types
Ransomware Attacks
Malicious software that encrypts files, holding them hostage until a ransom is paid, which often causes severe disruption to businesses or individuals.
Average cost: $4.4 million
Malware
Software designed to harm or disrupt computer systems or networks—can be used to steal data, damage systems, or create a backdoor for further attacks.
Average cost: $2.7 million
Social Engineering
Manipulative tactics used to exploit human psychology and trust, tricking individuals into revealing confidential information or performing harmful actions. Phishing and smishing are two examples.
Phishing Attacks
Deceptive emails or messages aimed to trick people into revealing sensitive information or downloading malicious content, leading to identity theft or financial loss.
Average cost: $1.6 million
Denial of Service (DoS)
Attacks that flood the target system with traffic, making it unavailable to legitimate users and disrupting normal system operations.
Average cost: $2.6 million
Man-in-the-Middle Attacks
Intercepting and eavesdropping on communication between two parties, allowing unauthorized individuals to gain access, manipulate data, or engage in identity theft.
Average cost: $3.1 million
Cybercrime has devastating effects on individuals, businesses, and communities - even entire countries.
A good risk management framework helps prevent these attacks from happening, or at least mitigate the damage that they can cause:
- Protecting sensitive information
- Mitigating financial losses
- Improving customer trust
- Providing competitive advantage
- Maintaining compliance with regulations
What’s Next:
AI Cybersecurity
AI is one of the biggest predicted threats to cybersecurity - and one of its biggest opportunities.
As AI technology becomes more sophisticated, cybercriminals may use it to launch more effective and targeted attacks. AI could be used to automate phishing attacks, create convincing deepfake videos for social engineering, or even take control of vulnerable systems.
Security professionals must stay ahead of these threats by developing AI-based defense systems, such as AI-enabled threat detection and vulnerability scanning.
What’s Now: Protecting Your Business
Here’s how to apply the fundamentals and get your cyber hygiene up to snuff.
- Know your cyber posture
You can’t build up your defenses if you don’t know where they’re weak. - Keep software up to date
Cybercriminals often exploit vulnerabilities in outdated software to gain access to systems. Keeping up with the latest patches and security updates helps prevent these types of attacks. - Back up data regularly
Consistently backing up data can help mitigate the damage caused by a cyberattack. If data is lost or compromised, having a recent backup allows you to restore systems and minimize downtime. - Give employees - all employees - robust cybersecurity training
Employees are often the weakest link in a company's cybersecurity defenses. Providing regular training on cybersecurity best practices, such as identifying phishing emails and creating strong passwords, can help prevent cyberattacks. - Implement a Security Information and Event Management (SIEM) solution
A SIEM solution detects and responds to security incidents in real time. This can help prevent attacks from escalating and minimize the impact of a breach. - Conduct regular security audits
Regular security audits identify vulnerabilities in a company's cybersecurity defenses so that IT and cyber teams can prioritize efforts to improve security and prevent future cyberattacks.
Cybersecurity is 80% Good Hygiene
The same way that the secret to a healthy life is eating well and exercising, keeping your org safe is about good habits. Stave off data breaches and security crises with a strong organizational immune system. We've found that an ounce of prevention is worth millions of dollars of cure.
Interested in Learning More?
Sign up for our Future State of Cybersecurity Workshop now.
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