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What Keeps Colorado Springs Business Owners Awake at Night? Cybercrime

Key Takeaways:

  • There are some scary statistics out there that show just how real the cybercrime threat is.
  • Colorado Springs business owners need to be aware of the dangers of cybercrime.
  • Take steps to protect your business by being aware of the risks and taking precautions.

Many scary things keep Colorado Springs business owners awake at night, but none may be as scary as cybercrime. This is not surprising, as cybercrime is becoming more and more common, and the statistics surrounding it are truly frightening. Through several catastrophic cyberattacks in recent years, we have seen just how damaging these attacks can be.

Here are 10 of the scariest statistics about cybercrime that every business owner in Colorado Springs needs to know.

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1. State of Cybersecurity Resilience

According to Accenture’s State of Cybersecurity Resilience 2021 report, security attacks increased 31 percent from 2020 to 2021. So, this means there’s a good chance a business you are familiar with has recently fallen victim to a cyberattack.

2. The Rise in Complaints

The FBI’s IC3 (Internet Crime Complaint Center) reported an increase in cybercrime complaints in 2020 compared to 2019. There was a total of 791, 790 complaints in 2020. This is a significant increase that should not be ignored. The total losses from these complaints totaled over $4.1 billion. These are only the figures that were gathered from the complaints that were reported, so the actual number of cybercrime incidents is likely much higher.

3. Phishing Attacks

According to Verizon’s 2021 Data Breach Investigations Report, phishing attacks have become the most common type of cyberattack. This is not surprising, as phishing attacks are getting more sophisticated and are becoming harder to spot. Phishing accounts for 36 percent of all cyberattacks. Phishing attacks occur when an attacker sends an email that appears to be from a legitimate source, such as a bank or a government agency. The email will often contain a link that will take the victim to a fake website that is designed to steal their personal information.

4. Attacks on Local Governments, Schools, and Healthcare Facilities

According to The State of Ransomware in the US: Report and Statistics 2021 produced by Emisoft, 2,323 local government, school, and healthcare facilities were hit with ransomware attacks in 2021. This does not include the Mom and Pop shops or other small businesses that were also attacked. These numbers are staggering and show just how vulnerable these types of organizations are to cyberattacks.

5. Remediation Costs

It costs an average of $200,000 to recover from a cyberattack. This cost can be even higher if the organization does not have adequate backups in place. This is a significant amount of money for most businesses, and it can be difficult to recover from such a loss. This cost can begin to increase rapidly when you factor in legal fees, reputational damage, and lost business.

6. Spear Phishing

According to Trend Micro researchers, more than 90 percent of targeted attacks begin with a spear phishing email. This type of email is much more sophisticated than a regular phishing email and is specifically targeted at an individual or organization. The email will often contain personal information about the victim that makes it appear to be legitimate. This type of email is much harder to spot than a regular phishing email, and it can be very difficult to defend against.

7. Attacks on SMBs

According to Accenture, 43 percent of all cyberattacks target small businesses. This is not surprising, as small businesses are often seen as easy targets. They often do not have the same level of security as larger businesses, and they often do not have the resources to recover from a cyberattack. Many small business owners are under the impression that their business will not be a target because they only have 50-100 employees and threat actors will not target them. This is a dangerous mindset to have, as small businesses are just as likely to be targeted as larger businesses.

8. Vulnerability to Cyber Attacks

According to VMWare’s The State of Incident Report 2021 report, 82 percent of organizations feel they are vulnerable to a cyberattack. This is a very high number, and it shows that most organizations are not prepared for a cyberattack. This is likely due to the fact that many organizations do not have adequate security measures in place, and they do not have a plan for how to respond to a cyberattack. This leaves them vulnerable to attack, and it can be very difficult to recover from an attack if they are not prepared.

9. Cybersecurity Workforce Gap

When 2021 ended, there were more than 377,000 cybersecurity job openings worldwide. The problem is that there are not enough qualified security professionals to fill these positions. This is a significant problem, as it leaves organizations vulnerable to attack. The lack of qualified security professionals also makes it difficult for organizations to defend against attacks, as they do not have the staff necessary to respond properly.

10. The Cost of Cybercrime

The scariest statistic of all is the cost of cybercrime. According to Cisco/Cybersecurity Ventures ”2022 Cybersecurity Almanac”, the cost of cybercrime will reach $10.5 trillion by 2025. This is a staggering amount of money, and it shows just how costly cybercrime can be. It is important for organizations to be prepared for the cost of a cyberattack.

Wrapping Up

Colorado Springs business owners are rightfully concerned about cybersecurity. The key to surviving in today’s threat landscape is to be prepared. Organizations need to have adequate security measures in place, and they need to have a plan for how to respond to a cyberattack. They also need to be aware of the latest trends in cybercrime, and they need to know how to defend against them. By being prepared, organizations can protect themselves from the ever-growing threat of cybercrime.

If you want to be proactive on your cybersecurity journey, do not hesitate to contact Colorado Computer Support today.

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