10 Cyber safety statistics and trends for 2024

As technology and the internet become more and more integrated in the workplace, the demand for robust cybersecurity rises. With cyberattacks escalating yearly, it’s important to safeguard your teams and your company by keeping track of trends and insights that secure critical data and minimize risk.

Discover the true cost of cyber threats and more in this roundup of the most vital cyber safety statistics in 2024. 

What are cyber safety statistics and why are they important?

Cyber safety statistics refer to all the data and trends relevant to cybersecurity. Some of the most common types measured regularly include the frequency of cyberattacks, their financial impact, data breach numbers, and more. 

Cybersecurity statistics also touch on key aspects of organizational security. These include measuring the effectiveness of cybersecurity training and tracking the frequency of security incidents related to remote work technologies.

For businesses, these numbers give insights that help them:

• Understand the impact of cyber attacks on other organizations
• Gauge emerging risks
• Improve cybersecurity measures
• Allocate resources properly
• Raise awareness among teams

10 cyber safety statistics

Explore industry-specific data and trends that can help strengthen your cybersecurity with this list of cyber safety statistics.

A data breach cost businesses nearly USD 5 Million on average in 2024

Globally, the average cost of a data breach soared to a record high of USD 4.88 million, according to a report by IBM. This marks a 10% increase over 2023, underscoring the escalating financial strain on organizations as cyberattacks become more sophisticated and widespread.

Money isn’t the only thing at stake here. Businesses are also risking their reputation, customer trust, and stability. This is why fortifying operations against future threats is crucial to keeping your data safe and your company thriving.

Phishing attacks drain USD 17,700 every minute

With each passing minute, phishing attacks cost businesses a staggering USD 17,700 as revealed by CSO Online. This means that by the time you finish reading this article, more than USD 50,000 could’ve been lost to cyber criminals. 

Phishing is a form of cyberattack typically done by impersonating legitimate institutions like banks and businesses. They often involve emails that mimic trusted sources, fake websites that resemble legitimate sites, or alarming messages that pressure you to act quickly.

68% of data breaches involved a human element

Verizon’s 2024 Data Breach Investigations Report has shown that more than half of all data breaches involved the participation of a non-malicious human element. This can be due to someone unknowingly falling prey to a social engineering scam or making an honest mistake with costly consequences.

The good news is that these human errors are completely preventable with the right measures in place. Foster a culture of cybersecurity awareness with regular training and implementing stricter security protocols. You can also start with simple actions such as updating passwords regularly and using multi-factor authentication.

More than half of users haven’t changed their passwords after a breach

Even after a known breach, 53% of users haven’t updated their passwords for 12 months, leaving their accounts vulnerable. LastPass’ report also showed that 85% of cyber security breaches are caused by weak passwords, showing how something as simple as adopting strong password practices can have a huge impact on safeguarding sensitive information.

The average small business has a security budget of USD 500

With breaches exceeding millions of dollars, having an average security budget of just 500 USD is a sum that’s too little to effectively protect small businesses which comprise over 99% of all companies. This leaves them vulnerable to more advanced threats that greatly impact their profitability and resilience.

60% of small businesses shut down after a cyber attack

Given the previously mentioned data, it comes as no surprise that more than half or 60% of small businesses close their doors within six months after falling victim to a cyber attack. Investing in high-quality security measures can help avoid such devastating consequences. 

These days, preventing breaches and protecting sensitive data is achievable even for small businesses. There are now platforms that offer high-quality, free cybersecurity training that can help guarantee the protection of businesses, big or small, without breaking the bank.

A staggering 98% of web applications are vulnerable to attacks

It’s a hard truth to face. Chances are, for every 100 web applications you use, only two of them are fully secure, with the rest at risk of exposing you or your teams to malware, malicious redirects, and other threats.

This report from PT Security also showed that the most dangerous vulnerabilities for web apps lie in improper user authorization and authentication. So it’s crucial to highlight the importance of robust login protocols in raising awareness among your teams.

7 in every 10 cybersecurity professionals say their organization is impacted by skills shortage

According to CSO, 70% of people who work in cybersecurity believe that their organizations are struggling with a significant shortage of skilled cybersecurity talent. 

To address this shortage, CSO offered three possible solutions:

• A national program to address the gap
• A thorough public and private partnership involving the cybersecurity community
• Top cybersecurity and tech companies coming together to build strategies and programs

By 2025, 60% of organizations will factor cybersecurity risk into decisions about third-party business engagements

With sensitive customer and company data at risk, there will be a growing emphasis on making sure that partners and vendors meet high cybersecurity standards that protect them against breaches. Supply chain attacks also come out as the top cyber threat that worries C-level executives, according to AAG.

According to 46% of companies, the primary cybersecurity investment is in upskilling their IT and cybersecurity teams

With a skills shortage and cyber threats putting businesses at risk, the most obvious solution is for companies to invest more in expanding the skills of their employees. 46% of companies believe that it’s crucial to prioritize allocating resources to strengthening in-house cybersecurity capabilities, specifically cybersecurity, and IT staff.

Protect your company’s data with SC Training

Build your defense strategy by equipping your teams with the right tools to keep them informed on the latest trends and threats about cybersecurity. SC Training (formerly EdApp) offers cyber safety courses suited for your compliance training solutions.

SC Training can also:

• Refresh your team’s knowledge of important facts about online safety with spaced repetition
• Keep all your data about internet safety statistics and more in one place with Briefcase
• Address compliance issues with industry-approved courses
• Uncover what aspect of cybersecurity your teams struggle with through reporting and analytics

Safeguard sensitive information with the right training tool. Join SC Training today!