What is the Biggest Threat to Entrepreneurs?

Cybersecurity- A $7 Trillion Industry That’s The Biggest Threat To Entrepreneurs

“Ultimately, saying that you don’t care about privacy because you have nothing to hide is no different from saying you don’t care about freedom of speech because you have nothing to say.”

― Edward Snowden

Cyber security facts and stats

  • A hacker attack happens every 39 seconds
  • Since Covid-19 the FBI reported a 300% increase in reported cybercrimes
  • 43% of cyber attacks target small businesses
  • Average global cost for a breach is $3.9m across small businesses
  • 95% of breached records come from 3 industries (government, retail, technology)
  • Approximately $6 trillion is expected to be spent globally on cyber security by 2021
  • Unfilled cyber security jobs worldwide will reach 4 million by 2021 (avg. cybersecurity engineering salary starts at $140k)
  • More than 77% of organizations do not have a cyber security incident response plan
  • Total cost for cybercrime worldwide added up to over $1 trillion
  • Average time to identity a breach in 2019 was 206 days (IBM)
  • Only 5% of companies folders are properly protected on average
  • The estimated number of passwords used by humans and machines worldwide is 300 billion+
  • 56% of Americans don’t know what to do in the event of a data breach
  • 34% of data breaches involve internal actors
  • 1 in 36 phones have high risk apps installed
  • financial services industry takes in highest cost from cybercrime at an average of $18.3m per company surveyed

Biggest data breaches of the 21st century

  • Yahoo – 3 billion user accounts in 2013 and 2014 (Names, email, passwords, date of birth and security questions)
  • Sina Weibo (Chinese twitter) – 538 million accounts in 3/2020
  • Marriott – 500 million customers (Contact, passport numbers, and 100m credit card numbers)
  • Adult friend finder – 412.2 million accounts (penthouse.com, cams.com, icams.com, and stripshow.com)
  • Myspace – 360 million accounts (2013)
  • Net Ease – 235 million user accounts (email October 2015)
  • Zynga – 218 million user accounts (gaming)
  • LinkedIn – 165 million user accounts (2016)
  • Dubsmash – 162 million user accounts
  • Adobe – 153 million user accounts (October 2013)
  • MyFitnessPal – 150 million user accounts (under armour app)
  • Equifax – 147.9 million users
  • eBay – 145 million users
  • Ashley Madison – 32 million accounts

Method of hacking

  • Virus-trojan – a virus within something you download or install
  • Phishing – Replicate web site to enter login and password
  • Eavesdropping – They’re monitoring what you’re doing but you don’t know
  • Fake Wap – Fake WiFi to get access to your data
  • Waterhole Attacks – Location with more traffic
  • DDOSing – Flooding traffic to crash your site (denial of service)
  • Keylogger – Malware that tracks your keypad
  • Social Engineering – Fake phone call (exploiting your natural tendency to help out)
  • Bait and Switch – Fake ads that take you to a page with a virus
  • Cookie Theft – Take cookies off your computer to act like it’s you

Solutions

SWOT analysis with team and family (strength, weaknesses, opportunity, threats)

  • Change passwords
  • Strengthen your home network
  • Hire an analyst to do an audit
  • Password storing software (lastpass)
  • Keep your eyes on kids technology/apps

Know where to report

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