The rising threat of cyberattacks in the United States has become a growing concern as projections indicate a substantial increase in financial losses due to cybercrime over the next few years. According to a report by Stocklytics.com, global cybercrime costs are estimated to surge from $9.22 trillion in 2024 to a staggering $13.82 trillion by 2028. Specifically, cyberattacks in the U.S. are forecasted to exceed $452 billion in 2024, creating a pressing need for enhanced cybersecurity measures across the country.
In response to these alarming statistics, cybersecurity and compliance expert Kiteworks conducted an extensive analysis to identify the U.S. states where businesses are most vulnerable to cyberattacks. Utilizing a points-based index, Kiteworks considered factors such as annual victim counts, financial losses, increases in both victims and losses, and the types of cyberattacks experienced by businesses.
The findings of the report highlighted several key insights regarding the state of cyberattacks in the U.S. For instance, Colorado emerged as the state with the highest risk of cyberattacks, scoring 7.96 out of 10 on the risk index. Despite its moderate population size, Colorado experienced a significant increase in victim losses since 2017, with a 58.7% rise in financial losses attributed to cyberattacks. This trend may be influenced by Colorado’s aging population, as older demographics are more susceptible to cybercrime victimization.
Following Colorado, New York ranked second in terms of cyberattack risk, with a score of 7.84 out of 10. The state reported a substantial number of annual victims and a notable increase in both victims and financial losses over the past few years. Nevada also emerged as a state at high risk of cyberattacks, experiencing a significant surge in victim counts and financial losses due to cybercrime incidents.
When examining the most costly cyberattacks in the U.S., Business Email Compromise (BEC) stood out as the most financially impactful cyber threat, with losses exceeding $1 billion since 2020. Other prevalent cyberattacks included credit card and check fraud, as well as malware attacks, all of which have resulted in substantial financial losses for businesses across the country.
In response to the escalating cyber threat landscape, Kiteworks spokesperson, Patrick Spencer, emphasized the importance of proactive investment in advanced security technologies and employee training to enhance companies’ resilience against cybercrime. Spencer highlighted the significance of adopting a content-defined zero trust approach to secure sensitive communications and ensure regulatory compliance, emphasizing the critical role of data security in safeguarding businesses against cyber threats.
As the frequency and financial impact of cyberattacks continue to rise, it is imperative for businesses to prioritize cybersecurity measures and implement robust security strategies to protect against evolving cyber threats. By staying vigilant and proactive in the face of an increasingly sophisticated cyber landscape, organizations can mitigate risks and safeguard their valuable data from malicious actors.