Security risk analysis is the process of identifying and assessing potential risks and vulnerabilities to an organization’s security posture.
With the increasing sophistication of cyber threats, security risk analysis has become a crucial aspect of ensuring the safety and security of an organization’s sensitive data and assets.
In this blog post, we will explore security risk analysis statistics that shed light on the current state of cybersecurity risks and their impact on organizations.
Key Security Risk Analysis Statistics 2023 – MY Choice
- According to a study by the Ponemon Institute, the average cost of a data breach in 2020 was $3.86 million, up 1.5% from the previous year.
- A report by Verizon found that 28% of data breaches in 2020 involved small businesses.
- The same Verizon report found that 43% of cyberattacks involved social engineering, such as phishing or pretexting.
- The 2020 Data Breach Investigations Report by Verizon found that 67% of breaches were caused by credential theft, errors, or social attacks.
- The Cybersecurity Ventures 2021 report predicted that cybercrime will cost the world $10.5 trillion annually by 2025.
- The 2020 Global Risk Report by the World Economic Forum listed cyberattacks as the fifth most likely risk to occur over the next decade.
- According to a study by IBM Security, the average time to identify and contain a data breach was 280 days in 2020.
- A report by McAfee found that 56% of IT professionals believe their organization is at greater risk of a data breach due to remote work.
- The 2020 State of Cybersecurity Report by ISACA found that 62% of organizations have experienced a ransomware attack in the past year.
- A study by the Identity Theft Resource Center found that there were 1,108 reported data breaches in the U.S. in 2020, a 19% decrease from the previous year.
Security Risk Analysis Stats
- The global security risk management market is projected to grow from $8.3 billion in 2020 to $13.8 billion by 2025, at a CAGR of 10.7%.
- The global market for enterprise governance, risk and compliance (EGRC) solutions is expected to grow from $31.5 billion in 2020 to $57.5 billion by 2026, at a CAGR of 10.8%.
- The average cost of a data breach in 2020 was $3.86 million.
- 90% of cyberattacks are caused by human error.
- 43% of cyberattacks target small businesses.
- 95% of all cybersecurity breaches are caused by human error.
- In 2020, phishing was the most common cause of data breaches, accounting for 36% of all incidents.
Security Risk Analysis Facts
- Security risk analysis is the process of identifying, assessing, and prioritizing security risks to an organization’s information technology infrastructure.
- The main goal of security risk analysis is to protect an organization’s assets and data from potential threats.
- Security risk analysis helps organizations comply with regulations and standards, such as HIPAA, PCI-DSS, and GDPR.
- Security risk analysis involves identifying threats, vulnerabilities, and potential impacts to an organization’s assets.
- Security risk analysis should be an ongoing process, as new threats and vulnerabilities emerge regularly.
Security Risk Analysis Benefits
- Security risk analysis helps organizations identify potential risks before they become major problems.
- Security risk analysis helps organizations comply with regulations and standards.
- Security risk analysis helps organizations prioritize security investments.
- Security risk analysis helps organizations identify and mitigate risks to their reputation and brand.
- Security risk analysis can help organizations reduce the cost of a data breach.
Security Risk Analysis Trends
- Cybersecurity threats are becoming more sophisticated, making it more challenging for organizations to protect their assets and data.
- More organizations are moving to the cloud, which presents new security risks.
- The COVID-19 pandemic has led to an increase in cyberattacks, as more people work from home and rely on technology to communicate and collaborate.
- Organizations are investing more in artificial intelligence (AI) and machine learning (ML) to improve their security posture.
Security Risk Analysis Adoption
- 95% of organizations have a security risk management program in place.
- The healthcare industry has the highest adoption rate of security risk analysis, with 97% of organizations implementing a program.
- The financial services industry has the second-highest adoption rate, with 93% of organizations implementing a program.
- Small businesses are less likely to have a security risk management program in place, with only 44% implementing a program.
Security Risk Analysis Market Analysis
- The North American market for security risk management is the largest, accounting for 42% of the global market.
- The Asia-Pacific market for security risk management is projected to grow at the highest rate, with a CAGR of 14.4% between 2020 and 2025.
- The security risk management market is highly competitive, with vendors such as IBM, Microsoft, and Symantec dominating the market.
Current Cybersecurity Threat Landscape
- In 2021, the average cost of a data breach was $4.24 million. (IBM)
- Ransomware attacks increased by 150% in 2020, with the average ransom demand being $178,000. (Coalition)
- Phishing attacks increased by 220% during the COVID-19 pandemic. (Google)
- Social engineering attacks account for 98% of all cyber-attacks. (IBM)
- The average time to identify and contain a data breach is 287 days. (IBM)
- The most common types of cyber-attacks in 2021 are malware, phishing, and ransomware. (Cisco)
Importance of Security Risk Analysis
- 64% of businesses have experienced web-based attacks. (Accenture)
- 85% of organizations have experienced phishing attacks. (Proofpoint)
- 95% of cyber-attacks are caused by human error. (Cybint)
- 60% of small businesses that suffer a cyber-attack go out of business within six months. (Herjavec Group)
- 67% of organizations believe they are vulnerable to insider threats. (Verizon)
- Companies that perform regular security risk analysis are 2.5 times more likely to have effective cybersecurity programs. (Ponemon Institute)
Security Risk Analysis Techniques
- The most common security risk analysis techniques are vulnerability assessments and penetration testing. (Cybersecurity Insiders)
- 75% of organizations use automated security risk analysis tools. (Ponemon Institute)
- The average time to perform a vulnerability assessment is 38 days. (Ponemon Institute)
- Penetration testing can identify up to 96% of known vulnerabilities in an organization’s system. (IBM)
- Threat modeling is the most effective security risk analysis technique for identifying and mitigating software vulnerabilities. (OWASP)
Compliance and Security Risk Analysis
- The most common compliance frameworks used for security risk analysis are HIPAA, PCI-DSS, and ISO 27001. (Ponemon Institute)
- 57% of organizations have suffered a data breach due to non-compliance with regulations. (IBM)
- 90% of data breaches occur in organizations that are not PCI-DSS compliant. (Trustwave)
Security Risk Analysis Best Practices
- Security risk analysis should be an ongoing process rather than a one-time event. (NIST)
- 85% of security risk analysis findings are not addressed within the first month of discovery. (Trustwave)
- Security risk analysis should include identifying and prioritizing assets and data based on their criticality. (NIST)
- Organizations should have a formal incident response plan that is regularly tested and updated. (NIST)
- Regular employee training on cybersecurity best practices can reduce the risk of human error. (SANS)