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According to billionaire Warren Buffet, cyber threats are more serious than nuclear weapons.

To put it into better perspective, a CSO report finds that cyber attacks have a “hidden financial cost” that can “amount to 90% of the total business impact on an organization.”

Some companies still underestimate the actual impact of a cyber attack, the report notes: “An accurate picture of cyberattack impact has been lacking, and therefore companies are not developing the risk postures that they need.”

In 2017, cyber attacks resulted in an average loss of $1.3 million for enterprise companies and around $117,000 for small and medium-sized businesses.

The financial fallout is steep.

Here ‘s what the average enterprise business stands to lose from a successful cyber attack:

• Devices and physical losses including data and media: $2.8 million.
• IT infrastructure and third-party losses: $2.2 million.
• Electronic data leaks: $1.9 million.
• Viruses and malware: $519,000.

 

Large Vacancies in Cyber Security Jobs

As of 2016, the US. Bureau of Labor Statistics (BLS) estimated that there were more than 100,000 open jobs for cyber security in the nation. The average annual median pay is noted at $92,600 per year, with an estimated 28% year-over-year growth rate. Between 2015 and 2016, for example, more than 28,000 new jobs were created in this sector. From 2018 through 2022, a massive shortage of workers is expected as more businesses ramp up their cyber security preparedness.

Cyber security jobs are so in demand this year, in fact, that Tech Republic has labeled it as one of the top three “most in demand jobs of 2017” and beyond. One reason, the report says, is because these jobs are among the most difficult to fill due to the lack of a revolving talent pool. Due to this massive shortage and increasing demand, more than 1.8 million cyber security job openings are expected by 2022.

2018 Cyber Security Statistics Are Telling

Helping us better understand just why cyber security is one of the hottest and most in demand job sectors in the U.S. right now are these following 2018 cyber security statistics.

• The U.S. federal government shelled out more than $25 billion combating cyber security threats in 2016 and is expected to spend at least $40 billion or more in 2018. This represents a 300% increase in spending from 2007 and is larger than the annual GDP of many nations.
• Microsoft says that the total worldwide cost of cyber crime is greater than $500 billion annually, with the average breach costing more than $3.5 million per business. The average cyber attacker isn ‘t detected until more than 100 days after network intrusion, with more than half of all intrusions being due to compromised user information.
• Juniper Research says that data breaches are the costliest cyber security threat, with the average data breach costing businesses more than $100 million. By 2020, cyber crime will cost businesses worldwide more than $1.5 trillion.
• In 2017, ransomware attacks increased by more than 30%. Over 100 new types of malware were identified with surveys finding that at least 50% of people were willing to pay a malware ransom.
• The average malware ransom is hefty, estimated at about $1,000. This is an increase of over 200% in just five years because hackers have become increasingly sophisticated with their intrusion methods.
• Cyber security experts say that at least 1 in 100 emails contain some type of malware or downloadable virus.
• Identity fraud stemming from cyber crimes affected more than 5% of all of people in 2017, costing over $16 billion to rectify.
• Small businesses are at the most risk, with more than 40% of cyber crimes targeting them. But you usually only read about major data breaches in the news because they affected national brands.
• More than 200,000 new malwares are created each day, with trojans accounting for over 50% of them.
• Each day, over 4,000 malware attacks occur worldwide, with government agencies saying this is expected to increase by 200% or more in 2018.
• The average time it takes businesses to detect a data breach: 197 days.
• Android and Windows platforms are targeted the most by cyber criminals.
• More than 75% of cyber crime victims don ‘t have any preventative measures in place.

 

Ready for a Career in Cyber Security?

Woz U offers a comprehensive Cyber Security Curriculum with HD classes, one-on-one mentors, online labs and an Employer Network. Learn more about the Cyber Security program at Woz U.