Need for Cybersecurity

Understanding the Threat Landscape

With the rise of the internet and digital transformation, cyber threats have evolved into sophisticated forms. Hackers now target individuals, corporations, and governments alike. Threats such as phishing attacks, ransomware, data breaches, and identity theft are increasingly common. In fact, studies reveal that cyberattacks occur every 39 seconds, highlighting the urgency of robust cybersecurity measures. Cyberattacks continue to rise in frequency and sophistication, posing significant challenges globally. Here are some of the latest statistics:

• Cost of Cybercrime: The global cost of cybercrime is projected to reach $10.5 trillion annually by 2025
• Frequency of Attacks: Someone falls victim to a cyberattack approximately every 11 seconds. In 2023, there were over 2,365 cyberattacks leading to data compromises1.
• Ransomware: Nearly 6 in 10 businesses experienced ransomware attacks in 2024. The average cost of a ransomware attack on an Internet of Things (IoT) device exceeded $330,0001.
• Social Engineering: Social engineering tactics, such as phishing and vishing, saw a 442% increase in 2024. These methods often target user credentials, which are then used to infiltrate systems.