A single data breach cost businesses an average of around $3.7 million and the total cost of cybercrime is estimated to reach $10.5 trillion by 2025.
The following six industries are particularly prone to cyberattacks and could see the highest costs associated with these attacks in the coming years. Small businesses, healthcare, government, financial services, retail, and the energy industry are all at high risk for cyberattacks.
1. Small and Medium-Sized Businesses
Small businesses are often targeted by cybercriminals because they typically have fewer resources and less robust security measures than larger businesses.
According to a report from Symantec, 43% of all cyberattacks target SMBs.
The average cost of a cyberattack for an SMB is $2.2 million, which can be devastating for a small business.
2. Healthcare
Healthcare organizations are attractive targets for cybercriminals because they store large amounts of sensitive data, including patient medical records and financial information.
According to a report from IBM Security, the healthcare industry experienced the highest number of data breaches in 2017, with 34% of all attacks targeting healthcare organizations.
The average cost of a data breach for a healthcare organization is $6.45 million.
3. Government
Government organizations are often targeted by cybercriminals because they store large amounts of sensitive data, including military information and financial records.
According to a report from Symantec, government organizations were the second most common target of cyberattacks in 2017, with 30% of all attacks targeting government organizations.
The average cost of a data breach for a government organization is $7.35 million.
4. Financial Services
Financial services organizations are attractive targets for cybercriminals because they store large amounts of sensitive data, including customer financial information and transaction records.
According to a report from IBM Security, financial services organizations experienced the second highest number of data breaches in 2017, with 28% of all attacks targeting financial services organizations.
The average cost of a data breach for a financial services organization is $7.01 million.
5. Retail
Retail organizations are often targeted by cybercriminals because they store large amounts of sensitive customer data, including credit card numbers and personal information.
According to a report from IBM Security, retail organizations were the third most common target of cyberattacks in 2017, with 27% of all attacks targeting retail organizations.
The average cost of a data breach for a retail organization is $5.03 million.
6. Energy Industry
The energy industry is a critical infrastructure sector that is responsible for the generation, transmission, and distribution of electricity.
The energy industry is particularly vulnerable to cyberattacks because of the growing use of digital technologies and the reliance on computer systems to control critical infrastructure.
According to a report from Symantec, the energy industry was the third most common target of cyberattacks in 2017, with 23% of all attacks targeting energy companies.
The average cost of a cyberattack for an energy company is $5.8 million.
These six industries are particularly vulnerable to cyberattacks and should take steps to protect themselves from these threats. One way to protect your business from cybercrime is to invest in managed information technology services, which can help you to secure your data and protect your network from attacks.
Don’t wait until it’s too late to take action against cybercrime, it can cost your business millions of dollars.