The Top Cybersecurity Statistics for 2024

As we step into 2024, the landscape of cybersecurity continues to evolve rapidly, shaped by the relentless pace of technological advancement and the ingenuity of cybercriminals. The statistics from recent years paint a vivid picture of the challenges and trends that define this field. From the predominant use of familiar software like Microsoft Office as a vector for attacks, to the staggering number of new IT security vulnerabilities discovered, the data underscores the ubiquity and diversity of cyber threats, such as ransomware, phishing attacks, malware attacks, business email compromise, and more. Meanwhile, the cybersecurity industry is gearing up, with market projections indicating significant growth, driven by the escalating need for robust defense mechanisms against an ever-expanding threat landscape.

Below are the top cybersecurity statistics you need to know for 2024.

Cybersecurity Measures and Challenges

The cybersecurity market is expected to reach $538.3 billion by 2030. More people are aware of cyber dangers, so more money is being spent on cybersecurity around the world. (S ource)
Companies that match their cybersecurity with business goals are 18% more likely to grow income, market share, and make customers and employees happier. (Source)
18% of companies add security features after making big infrastructure changes only if they find problems.
This approach leaves the infrastructure exposed to potential threats during the period between implementation and the identification of issues, creating a window of vulnerability where attackers can exploit the lack of security measures. (Source)
96% of companies using a lot of automation in cybersecurity say it helps with not having enough skilled people. AI in cybersecurity is growing, with 2.7 times more patents since 2017. (Source)
64% of security teams find it hard to switch between security tools because they don't work well together. The lack of interoperability between products from different firewall and security tool vendors leads to inefficiencies and potential security gaps in managing and responding to threats.(Source)
88% of people say it's tough to find enough skilled workers in the cybersecurity industry or just to hire enough people in general. (Source)
When hackers get into systems, they usually stay there for about 2.24 months, which is around nine weeks. Typical security incidents involve breaches where sensitive data or sensitive information is compromised, underscoring the critical need for strong protection measures and fast detection and response. (Source)
95% of companies are paying more attention to checking the risks of working with third parties. (Source)
81% of companies are bringing together their security and IT operations. (Source)
95% of security budgets are expected to go up in the next two years, with 56% of them increasing “significantly.” (Source)
Global spending on security and risk management is predicted to be $215 billion in 2024, up 14.3% from $188.1 billion in 2023. The average cost of a data breach is millions of dollars, highlighting the importance of investing in data security measures and considering cyber insurance as a financial safeguard.(Source)
Money spent on data privacy and cloud security is expected to grow the most in 2024, by more than 24%. (Source)
Because of new privacy laws and the growth of cloud services, spending on cloud security tools will also go up. (Source)

Cyber Attack Trends and Statistics

In the first week of 2024, people found 612 new common IT security vulnerabilities and exposures (CVEs). The highest reported in a year was over 29,000 in 2023. (Source)
From November 2021 to October 2022, more than 70% of cyber attacks used Microsoft Office. Browser attacks were next, at nearly 12%, and Google's Android was targeted in about 6% of attacks. (Source)
From 2018 to 2022, IC3 got 3.26 million complaints and reported $27.6 billion in losses. IC3 stands for the Internet Crime Complaint Center. It is a partnership between the Federal Bureau of Investigation (FBI) and the National White Collar Crime Center (NW3C) in the United States. IC3 serves as a central hub where the public can report internet crimes and scams. It collects and analyzes data on cybercrime, issuing alerts and information to both the public and law enforcement agencies to help prevent internet-related crimes. (Source)
66% of organizations were hit by ransomware last year, the same rate as the year before. Ransomware is a type of malicious software designed to block access to a computer system or files until a sum of money, or ransom, is paid. It typically spreads through phishing emails or by exploiting vulnerabilities in software. Ransomware is a major cyber threat to organizations. (Source)
In the first half of 2023, the most common cyber attacks were NTP Amplification (28%) and HTTPS Flood (21%). An NTP Amplification attack exploits public Network Time Protocol servers to flood a target with amplified UDP traffic by sending small queries with spoofed victim IP addresses, prompting large replies to the victim. An HTTPS Flood attack inundates a target server with a high volume of encrypted HTTPS requests, aiming to exhaust server resources by leveraging the CPU-intensive SSL/TLS handshake process. (Source)
These attacks, including Memcached Attacks (15%), use a lot of bandwidth and make servers work very hard. Memcached attacks are a type of Distributed Denial of Service (DDoS) attack that exploit the Memcached system, which is a high-performance, distributed memory caching system designed to speed up dynamic web applications by alleviating database load.(Source)
Amplification attacks made up 53% of all attacks, decreasing by 76% from the last period but increasing by 177% from the year before. Application attacks were 27% of all attacks, down by 39% from the last period but up by 15% from the year before. (Source)
UDP and TCP attacks were the most common, making up 65% and 34% of attacks. UDP attacks went down by 75% from the last period and 19% from the year before. TCP attacks went down by 51% from the last period and 15% from the year before. (Source)
Most attacks (68%) lasted under 90 minutes, but 24% went over 1,200 minutes. The average attack lasted about 69 minutes, with the longest one going for over 24,600 minutes. (Source)
Most attacks (89%) were smaller than 1Gbps. These attacks might be less likely to disrupt large services or networks but could still impact smaller websites or infrastructure. 10% were between 1 and 10Gbps. These attacks are more serious and could potentially disrupt or degrade the performance of larger websites or network services. Less than 1% were bigger than 10Gbps. These large-scale attacks are capable of causing major disruptions to even well-protected and high-capacity networks or services. (Source)
Single-vector attacks were 91% of all attacks. The most common multi-vector attack was "HTTP Flood and HTTPS Flood" (27%). (Source)
Internet service providers are often hit by Bit-and-Piece Attacks. Bit-and-Piece attacks refer to a type of Distributed Denial of Service (DDoS) attack strategy where the attacker distributes small pieces of junk data across a wide range of IP addresses. Instead of overwhelming a single IP address with a large volume of data, the attacker sends small amounts of data to many different IP addresses belonging to the same network. This approach aims to evade detection by traditional DDoS protection systems that look for significant traffic spikes to a single IP address. (Source)

Impact and Response to Cyber Threats

Fixing security mistakes found late can cost much more, up to 30 times more after a product is released. (Source)
Since the Russia-Ukraine conflict began, 97% of companies have seen more cyber threats, and most have taken steps to protect themselves. But only 39% are working closely with governments on this. (Source)
Managing cyber risks within a company is tough. Less than half fully include cyber risks in their overall risk plans, but this is higher in banking and tech sectors. (Source)
Executives really care about security resilience; 96% think it's very important for their business. (Source)
A big concern for companies after a cyber attack is the harm to their reputation and how their customers feel, which 50% say is the most important issue. (Source)
About two-thirds of companies have had big security problems that affected their work.
Companies with a strong security culture are 46% more resilient. (Source)
When asked about incidents that affected their security resilience, over half of people mentioned data breaches and system outages. Ransomware and DDoS attacks (distributed denial of service attacks) were also common, hitting around 46% of companies. While some incidents might have involved employees accidentally helping attackers (like by clicking on a bad email), about 38% of companies faced deliberate harmful actions from insiders. (Source)

Conclusion

These cybersecurity statistics from 2024 offer a sobering reminder of the pervasive and evolving nature of cyber threats, such as malware, data leaks, social engineering, ransomware attacks, phishing emails, scams, and more. The data not only sheds light on the types of attacks that are most prevalent but also highlights the critical importance of proactive measures and resilience in the face of such challenges. As the cybersecurity market continues to expand in response to these threats, it is imperative for organizations, especially in highly regulated sectors like the healthcare industry, financial industry, and government agencies, to integrate cybersecurity seamlessly into their business strategies and operations.

The involvement of cybersecurity professionals in tracking emerging cybersecurity trends and enhancing information security practices is crucial. The response to cyber threats, particularly in the aftermath of significant geopolitical events like the Russia-Ukraine conflict, demonstrates the need for a collaborative approach to cybersecurity, involving governments, private sector organizations, and individuals. As we move forward, the lessons learned from these statistics will be invaluable in shaping more effective and resilient cybersecurity practices.

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Q&A

What are the latest statistics on cybersecurity?

The latest statistics indicate that over 70% of cyber attacks targeted Microsoft Office between November 2021 and October 2022, with browser and Android attacks also prevalent. Early 2024 saw 612 new IT security vulnerabilities, and ransomware continues to be a major threat, with 66% of organizations affected.

What is the #1 cybersecurity threat today?

The #1 cybersecurity threat today is ransomware, due to its widespread occurrence and significant impact on organizations by encrypting files and demanding ransom for their release.

What are the cyber stats for 2024?

For 2024, statistics highlight the discovery of 612 new IT security vulnerabilities and the continued growth of the cybersecurity market, reflecting the ongoing need for robust cyber defense mechanisms.

Is cybersecurity a dead field?

Cybersecurity is far from a dead field; it is evolving rapidly with technological advancements and the increasing sophistication of cyber threats, making it a critical and dynamic component of modern digital infrastructure. Every year, there are different cyber incidents and cybersecurity breaches. This, combined with the increasing cost of cybercrime, makes cybersecurity as essential as ever.

What will cybersecurity look like in 5 years?

In five years, cybersecurity is expected to be more intertwined with AI and machine learning, focusing on proactive threat intelligence, automation, and advanced detection and response capabilities to address the complexity of cyber threats and cybersecurity risk.

Is cybersecurity in demand right now?

Yes, cybersecurity is in high demand currently, driven by the constant need for organizations to protect against cyber threats and comply with data protection regulations. There is a particular need for skills in threat intelligence, security analysis, and incident response.

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