Here’s something to think about. Not one business owner looked around in 1932 and said, “Man, living through The Great Depression sure sucks.”
Here’s another: Not one laborer came home in the late nineteenth century and said to their family, “Boy, being alive during the Industrial Revolution sure is interesting.”
What’s our point?
Historical eras become “eras” after the fact.
Only with the benefit of hindsight can people look back and truly understand what it means to have lived through a historical era. Only then do these periods get named, written about, and taught in schools.
But when you’re actually living through one, you typically don’t know it. You just live your life and do the best you can.
You are currently living in a time that will be defined by an exponential explosion in global cybercrime. They’ll have a name for this era in history class someday.
Today, all we can do is live our lives and do the best we can to protect ourselves. But make no mistake, this era will affect all of us before it’s over.
4 Key Cybercrime Stats to Know in 2024
98% of web applications are vulnerable to attack (PT Security).
These vulnerabilities can lead to malware, redirection to malicious websites, and more advanced attacks. As cybercriminals evolve and become more adept at leveraging AI, they will become more efficient at exploiting these vulnerabilities.
Driven by the growth of generative AI, Phishing attacks increased by 1,265% from October 2023 to March 2024 (SlashNext).
With the vast majority of cybersecurity disasters attributed to human error, this spike in malicious emails is especially concerning. Phishing can lead to a number of disastrous outcomes, and it remains the number one way for ransomware to make its way into a network.
Speaking of ransomware….
In 2023, 55% of ransomware attacks were launched at businesses with fewer than 100 team members (Astra).
Small businesses remain attractive targets for ransomware attackers. Even a one-person operation can hold data that cybercriminals covet.
The average cost of a ransomware attack far outpaces the cost of the ransom itself (IBM Security).
This one makes sense when you think about it. Downtime is expensive. Lost productivity and lost business are expensive. Bringing in a third-party team to do damage control on an hourly project is expensive. Cyber insurance premiums skyrocket—if you can get coverage at all. Clients and customers lose faith in your ability to safeguard their data and private information, which can have serious long-term financial repercussions. Not to mention that, in many cases, paying the ransom doesn’t lead to the release of your data. Many businesses never recover and shut their doors within six months of an attack.
It’s more important than ever to understand that the era of global cybercrime is real. It directly affects you, and the situation is getting more serious every day.
It is not overstating things to suggest that how we handle cyber risk today will literally go down in history.