Cybersecurity Threats Every Business Should Know in 2021

The continued advancement of today’s technological advancements can give us cutting edge benefits to today\’s living standards. The increased functionality, efficiency and connectivity we can get, all due to technology serves us both personally and in business. But despite all the advancements we\’ve made with this tech, there\’s always going to be malevolent people out there who are more than willing to take advantage of its vulnerabilities continues to persist.  

This is especially true for businesses across all industries as cybercriminals become more sophisticated in the planning and execution of their attacks. 2021 has revealed some key trends in the cybersecurity threat landscape, and businesses will need to take a proactive stance in their security efforts in order to avoid a data breach or cyberattack. Take a look at some recent data that illustrates the state of cybersecurity and data theft today: 

1. The total cost of a data breach in America was $8.64 million in 2020. 
2. The average cost of a ransomware attack in 2020 was $4.44 million.
3. There has been a 24% increase in the number of data breaches caused by malicious attacks since 2014. 
4. Ransomware and destructive malware breaches cost more than the average malicious attack in 2020.
5. The average cost of destructive malware attacks in 2020 was $4.52 million. 
6. Security system complexity increased the average cost of a data breach by $292,000 in 2020. 
7. 16% of malicious data breaches in 2020 were caused by a vulnerability in third-party software.
8. Across all industries, it took an average of 280 days to identify and contain a data breach in 2020. 
9. In 2020, data breach costs took up 39% of an organization’s budget more than a year after the breach.
10. Cybercriminals sell access to organizations’ key systems for an average of $3,139, and systems have been sold for up to $140,000. 

Clearly, the threat landscape has only continued to expand in 2021 as new vulnerabilities in security infrastructures are discovered and exploited by cybercriminals. To help your organization prepare for the cybersecurity issues that pose the most risk in 2021 and beyond, this visual by Panda Security provides a deep dive into everything you need to know to ensure your cybersecurity efforts are strong and secure.