Hacking is not new to the world of business. However, the increase in different cybercrimes such as data breaches, phishing, and identify theft has made security for businesses a growing essential.
Passwords are the Front Lines
Passwords are the first line of defense for all of your companies data, including company’s finances, employee information, and other confidential information. There are 300 billion passwords being used at the beginning of this year. That means on average, an individual manages about 38 passwords. Many large companies are the ones skewing this number. Many employees have to manage double the national average. Even so, having a variety of secure passwords is key to maintaining a safe network. Weak passwords leave your company vulnerable to cyberattacks.
The Aftermath of Cybercrime
Two years ago, the victims of cyberattacks lost 2.7 billion dollars combined and these are only the ones that were reported. There are many more that go unreported because of how the business or individual decide to handle the hacker. Specifically business emails gave hackers 1.3 billion dollars in profit in only one year. Corporate breaches are costing companies almost 120 million dollars a year. Business Email Compromise or BEC is breaking into an email account of a corporation or creating one out of thin air. Then the hacker will sell it, blackmail with it, or steal valuable information with it. However, 99% of these hacks had one thing in common, a lack of Multi-Factor Authentication.
2021 Cybercrime Predictions
According to Cybersecurity Ventures, it is predicted that by 2021 every 11 seconds a company will be a victim of a ransomware attack, and cybercrime will cost the world 6 trillion dollars. The scary thing about these data breaches is that on average, it takes over 6 months to identify them.
For more cybercrime predictions check out 35 Outrageous Hacking Statistics & Predictions from Review 42. If you have any questions please reach out to RMM Solutions. We are a top-of-the-line Managed Service Provider in Wisconsin with data centers in Milwaukee and Appleton. We are devoted to keeping companies like yours safe and secure from cyberattacks.