Have you ever been targeted after a data breach? I know, it’s scary. Last December, I had several texts from Microsoft sharing a one-time-password. But I never requested one. My immediate reaction was someone has my details and is trying to access my account.
So as most people would, I went and changed my password. This was only a small (and unsuccessful) threat in the grand scheme of things, but a terrifying one nonetheless.
Since then, concerns for my cybersecurity linger in the back of my mind whenever I’m online. How can I ensure that I’m browsing safely and my information won’t fall into the hands of bad actors? This is an especially big concern as, since COVID-19, the volume of cybercrime has skyrocketed due to an increasing number of people working from home.
Let’s look at the numbers:
Are cyber-attacks increasing?
- Cybercrime is up 600% due to the COVID-19 pandemic (Source: Titanfile, 2021)
- 95% of cybersecurity breaches are due to human error (Source: Cybint 2020)
- One in every 3,722 emails in the UK is a phishing attempt (Source: CSOonline, 2020)
- Businesses Suffered 50% More cyber-attack attempts per week in 2021 (Source: Forbes, 2022)
- The United States remains the most highly targeted country with 46% of global cyber-attacks being directed towards Americans. (Source: CompTIA, 2022)
- The global cybersecurity market will be valued at $403 billion by 2027 with a compound annual growth rate (CAGR) of 12.5% (Source: Fortinet, 2021)
- 70% of small businesses are unprepared to deal with a cyber-attack (Source: Purplesec, 2021)
- The total number of DDoS attacks will double from 7.9 million in 2018 to 15.4 million by 2023. (Source: Cisco, 2020)
- 70% of breaches were caused by outsiders, 45% involved hacking, 86% were financially motivated, 17% involved some form of malware, and 22% featured phishing or social engineering. (Source: Forbes, 2021)
- Among those that have identified breaches or attacks, around a quarter (27% of these businesses and 23% of these charities) experience them at least once a week (Source: Cyber Security Breaches Survey 2021, UK Government)
- Cybercrime is claimed to have cost Africa $3.5 billion in 2017, with 96% of incidents unreported or unsolved (Source: HSBC, 2021)
- Phishing attacks make up 91% of attacks or breaches reported by large firms, and they make up 83% of all reports (Source: ICAEW, 2021)
Thankfully, cybersecurity is constantly evolving to protect online users worldwide. These figures should offer you peace of mind that people are investing in the cybersecurity sector and finding better ways to understand the threat landscape and keep people safe.
Cybersecurity is growing fast!
- The cybersecurity market is expected to reach $366.10 billion by 2028 (Source: Globe Newswire, 2021)
- The on-premise segment dominated the global market in 2020 with a revenue share of over 62% (Source: Grand View Research, 2021)
- Worldwide spending on information security and risk management technology and services is forecast to grow 12.4% to reach $150.4 billion in 2021 (Source: Gartner, 2021)
And while investment in cybersecurity is rising, there is also greater demand from businesses to bring cybersecurity expertise into the fold. Having people in-house who understand the threats and solutions provides businesses with a solid backbone to ensure the best security practices.
There is greater demand for cybersecurity experts
- 85% of small businesses plan to increase spending on managed security services (Source: Purplesec, 2021)
- The demand for software developers and engineers who can design and build secure online applications is expected to grow by 164% over the next five years (Source: Harvard Extension School, 2021)
- 1,483 firms offer cybersecurity products or services in the UK – an increase of 21% from our last analysis (Source: UK Cyber Security Sectoral Analysis 2021, UK Government)
- Funding has increased by a staggering 940% for UK cybersecurity startups since the beginning of lockdown (Source: Startups Magazine, 2021)
- Application development security and cloud security are far and away from the fastest-growing skill areas in cybersecurity, with projected 5-year growth of 164% and 115%, respectively (Source: Forbes, 2020)
- Cybersecurity analysts are enjoying the largest growth in salary of any occupation (16.3%), rising from $88,663 in 2019 to $103,106 in 2020 (Source: Dice 2021 Tech Salary Report)
- 98% of all IoT traffic is unencrypted (Source: Palo Alto 2020 Unit 42 IoT Threat Report)
Having these experts to hand will be especially useful as new cybersecurity trends develop. The right expertise will ensure you can be forward-facing in your security strategy.
Future cybersecurity trends
- Cyber criminals will steal an estimated 33 billion records in 2023. (Source: Purplesec, 2021)
- By 2025, it is expected that there may be around 30 global smart cities, and 50% of these may be located in North America and Europe (Source: Mordor Intelligence, 2022)
- Cybercrime will more than triple the number of unfilled cybersecurity jobs by 2021 (Source: Panda Security, 2021)
At Isoline, cybersecurity isn’t just something we practice. We’re always on the lookout for new developments in the cybersecurity space and keeping ourselves up to date with the latest trends. This isn’t just to better support our cybersecurity clients, but because we know that it underpins every player in the tech space.
Could your marketing campaign benefit from some cybersecurity know-how? Get in touch with us at: [email protected] to see how we can help you drive traffic and generate leads at scale.