Cyber Security Breaches Up 48 Percent in 2014

According to the Global State of Information Security Survey 2015 sponsored by PwC, the total number of reported cyber security breaches reported this year jumped 48 percent totaling 42.8 million new occurrences. That’s equivalent to 117,339 successful security attacks happenings per day. In addition, the compounded annual growth rate of detected security breaches has increased by 66 percent every year since 2009.

Contributing to the problem is the fact that overall, allotted funds for security measures have been frozen at just 4 percent or less than the average IT budget for the last five years. Large corporations with revenue of $1 billion or more detected 44 percent more breaches while mid-size corporations with revenue between $100 million and $1 billion saw a 64 percent increase. Corporate employees were cited most often as the culprits with a 10 percent increase for 2014. Current and former service providers, contractors, and consultants were named as the perpetrators in 17 percent of the detections. Globally, Europe dominated all other regions in cyber breaches and detections with a 41 percent increase over 2013. Find out more about the state of cyber security worldwide at the ABA Banking Journal.