Cyber attacks are on the rise, with hackers finding new ways to infiltrate networks, steal data, and wreak havoc on businesses’ networks and systems. Whether you’re launching a business or you’ve been running a company for some time, here are the latest facts on cyber threats and their impacts in 2020.

Knowing these facts can help you stay on top of cyber security. That can be the key to protecting your business and setting it up for a successful future.

1. International cybercrime will cost about $6 trillion by 2021.

This cost encompasses a range of expenditures for addressing and recovering from attacks, as well as the financial losses related to system downtime. Specifically, costs can arise from issues or factors like (but are not limited to):

  • Theft from corporate bank accounts
  • Forensic investigations
  • System, network, and data recovery
  • Sending notifications of data breaches
  • Customer support efforts
  • PR campaigns and brand management
  • Financial penalties from regulators
  • Private litigation

2. Every 39 seconds, a cyber attack occurs in the U.S.

That’s more than 92 cyber attacks every hour and well over 2,215 cyber attacks every day.

Every year, these incidents affect roughly 1 in 3 Americans and more than 2 in every 5 U.S. businesses.

3. Human error plays a role in about 95% of data breaches.

As jaw-dropping as this statistic may be, it does hold a silver lining. It implies that the vast majority of data breaches are preventable.

In other words, putting an experienced professional in charge of essential IT needs, like cybersecurity, can help limit the risk of the errors that cause attacks, privacy breaches, and devastating losses.

4. More than 3 in 5 small businesses say they aren’t able to effectively handle cybersecurity in house.

That usually ends up meaning that cybersecurity isn’t a day-to-day priority when other things—like attracting, serving, and keeping clients is. Ultimately, that can result in:

  • Cybersecurity only becoming a priority after an attack has happened
  • Companies leaving themselves vulnerable to hackers and serious (yet avoidable) losses

For many small companies, those losses can be too much to recover from. In fact, about 60% of small businesses have to close their doors for good after just one cyber attack.

Get a Cybersecurity Audit from 5-Star Denver IT Consultants: Contact IT1 Services

IT1 Services offers turnkey cybersecurity solutions and IT consulting services to all types of small businesses throughout the Denver metro area. Backed by 40 years’ experience and a broad range of specialties, we are a one-stop shop for small business technology needs.

Call (303) 682-6964 or email us for expert IT consulting services in Denver, CO.

IT1 Services empowers small business owners to work with one provider for Denver tech help. That can save time and money while offering better IT support—after all, experts who know your systems, goals, and IT needs will be ready to offer solutions that effectively support them.

We’re proud to offer custom plans, exceptional IT support, and competitive prices—and to always be ready to help our clients whenever an IT emergency strikes!