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Data security is constantly evolving, making it one of the most difficult industries to stay on top of the latest developments. From advanced types of cyber-attacks to enhanced security measures, the current of progression is a swift one in the digital world. Knowledge is power when it comes to data security, so identifying potential weakness links in your cyber security system can help protect your business’ livelihood.

If you’re trying to keep pace with the rapidly changing data security landscape, these need-to-know data breach statistics will help bring the big picture into focus.

60% of small businesses that experience a cyber-attack go out of business within six months (source).

When a data breach makes the news, it’s usually a large and well-known corporation that has been targeted by hackers and the effects are potentially far-reaching. But small businesses are just as vulnerable to cyber-attacks and often don’t have the resources to enable them to bounce back.

In 2020, the average cost of a data breach will exceed $150 million (source).

Cyber-attacks are increasingly leaving big businesses facing some serious damage control. Factoring in costs like technical investigations, lawyers’ fees, loss of revenue and security system upgrades, and more intangible expenses like reputational damage, it’s easy to see why cyber-attacks can be so financially ruinous.

Global cybersecurity spending will increase to exceed $1 trillion from 2017 to 2021 (source).

Global Cyber Security

As the threat of data breaches continues to grow, so too does cyber security spending. From private businesses to government departments, significant amounts of revenue is being spent in an effort to protect organisations and their valuable brand reputation.

Australians are reporting cybersecurity incidents every ten minutes (source).

If you’ve ever wondered how many cyber-attacks per day happen in Australia, this statistic reveals the alarming frequency of cyber security incidents.

In the 2016–17 financial year, 46% of voluntary data breach notifications received by the Office of Australian Information Commission were attributed to human error (source).

Human Error

This statistic exposes one of the biggest cyber-attack trends – the lack of education and awareness surrounding cyber security. To stop hackers in their tracks, it’s critical for businesses to educate their employees on how to spot potential threats and what action to take.

Individuals lose an average of $700 to cybercrimes in Australia (source).

Think you’re safe just because you don’t own a business? This statistic demonstrates how cyber-attacks affect individuals. From fake emails claiming to be from financial institutions to catfishing, cyber criminals have a range of methods for targeting individuals and extracting what they’re after.

The most common sources of cyber-attacks in Australia are phishing emails, malware and ransomware (source).

These methods represent the weakest spots in cyber security systems. Ensuring employees can recognise what these attacks look like will help to prevent them and keep your business further digitally secure.

The threat of cyber-attacks is growing, but there are ways to protect yourself and your business. Destroying and recycling old electronic devices (e-Waste) once they have reached the end of their ‘useful’ life is one of the most effective methods. This ensures any data remaining on your e-Waste devices doesn’t fall into the wrong hands. To learn more about Shred-X’s secure destruction solutions, and how versatile our e-Waste services are, get in touch with our team today.