Hi.. readers Praneethraj is back with another article. This time it’s not Supernatural or UFO nor Meditation, It’s about 60% of my day; yes… its Cybersecurity! In this article, I will be putting out some facts and figures about cyber-attacks and the financial things linked to them.
So.. the money is soaring into cyber attacks… like paying the ransom, repair costs, legal and regulatory penalties, and reputational damage and no further business calls.
But how much does it impact the economy? Does it really make a difference? See the facts and figures below.
The word cyber crime, cyber attack, came to full scale during Covid- which went up by 600%, which means the financial loss also increased proportionally.
An article from Cybercrime magazine suggests that cybercrimes will cost $10.5 trillion annually by 2025, which seems a little less when compared to the overall global economy, which is of $133 trillion. This also tells us that around 1% is from the cyber attack itself, which does not include the after-effects of attacks, such as repair costs and legal and regulatory penalties.
The average cost of charges on data breach is about $120,000 to $1.24 million, just for small and medium scale business, but according to reports from Fundera, the average small business owner makes just $71,813 a year, which show us how it can impact, yes small scale business are nerves of the global economy, it can’t be ignored!. In other sectors, there was a 12% increase in the average total cost of a breach from 2021-2022.
Now some similar facts: An average Individuals lose $4,476, $225 for a Phishing scam, and an online identity is worth roughly $1,000.
This data looks tiny in front of the amount where the total global economy stands, but it is significantly larger than the damage caused by natural disasters in a year and will be more profitable than the international trade of all major illegal drugs combined.
Roughly 1 million people join the internet every day. The number of users globally grew from 4.2 billion in January 2021 to 4.62 billion in January 2022, which is expected to be more than 7.5 billion internet users in 2030.
Some latest Reports from: carnegieendowment.org
Also 2022 survey from the UK Govt Suggest that
39 per cent of UK businesses identified a cyber attack
- 31 per cent of businesses estimate they were attacked at least once a week
- 1 in 5 say they experienced a negative outcome as a result of an attack
In terms of material outcomes, the average estimated cost of cyber attacks in the last 12 months is £4,200. However, within medium and large businesses group, this figure rises to £19,400.
Similarly, a Cabinet Report suggest the info about 23Billion Pounds of cyber money spillage
All this information suggests that most of the cyber attacks are behind money, some are behind govt, many are behind private sectors, and most are behind small and medium-scale business organisations; totally it is making a difference today as a digital drug to a particular group and its effect is beard by the international community.