A Constant Threat: The Impact of Cyber Hacks [Infographic]

In order to protect themselves from cybercrime, organizations must remain diligent - or suffer the consequences. Read on to learn about the history of cyber attacks and the impact a breach caused by a cyber hack or malware can have.

Cybercrime is serious business—and it takes a toll on companies large and small. It's an attempt to gain illegal access to a computer or computer system for the purpose of causing damage or harm.

To understand the immense impact of cyber attacks, take a look at these statistics:

• 43% of cyber attacks target small businesses.
• Hackers attack a computer with internet access every 11 seconds.
• Average cost of a corporate breach is $116 million.

While cyber crimes are often grouped together, it’s important to realize there are many different types of attacks – and companies must be prepared to protect themselves from each. Here are some of the more common types of cyber attacks:

• Malware: Malicious software such as spyware, ransomware, viruses and worms that breaches a network, typically after the user clicks a link or email attachment.
• Phishing: The act of sending fraudulent communications, usually via email, with the goal of stealing sensitive data or installing malware.
• Man-in-the-Middle Attack: Commonly known as eavesdropping attacks, attackers insert themselves into a two-party transaction in order to steal data.
• Denial-of-Service Attack: Flooding systems, servers or networks with traffic to exhaust bandwidth, rendering it unable to fulfill legitimate requests.
• SQL Injection: Malicious code is inserted into a server that uses SQL, such as a website search box, forcing it to reveal hidden information.
• Zero-Day Exploit: This targets a known network vulnerability before the company has had time to implement a solution.
  

Cyber crimes have been around longer than you might think. In fact, the first major attack, known as the Morris Worm, took place in 1988. Here’s how it went down:

• What happened? A cyber worm—malware that propagates on its own without the need for a software host—was deployed by 23-year-old graduate student Robert Tappan Morris. While it did not destroy data, the worm delayed critical military and university communications and functions for several days.
• The target: Public and private research centers and prestigious colleges such as Harvard, Princeton, Stanford, Johns Hopkins and NASA.
• The outcome: While the hacker claimed it was an experiment gone wrong, evidence uncovered by the FBI suggested otherwise. Morris was indicted in 1989.
• Estimated impact: $100,000–$1M+

Organizations today employ teams of IT and cyber security professionals to help them safeguard their systems. But even the smallest efforts can make a difference. Here are some basic tips to help prevent cyber attacks in your organization:

• Use two-way authentication for logging in
• Create a security plan
• Encrypt and back up data
• Consider cyber insurance
• Set up a firewall
• Stay educated