Social Engineering Statistics By Types, Companies In United State and Country
Updated · Oct 07, 2024
WHAT WE HAVE ON THIS PAGE
Introduction
Social Engineering Statistics: Social Engineering refers to the use of psychological tricks by perpetrators to obtain critical and sensitive information from the victims. Although the methods have changed with technology, the purpose of deceit to obtain information remains a significant threat to the general population.
In this blog, we will review social engineering statistics to provide a holistic overview of the dangerous aspects of negative factors involving social engineering. By venturing into this topic, one can avoid getting compromised and be aware of measures to prevent cyber security attacks.
Editor’s Choice
- 93% of data breaches are affected via email.
- As per social engineering statistics, CEO fraud is estimated to target more than 400 firms regularly.
- By 2025, AI is expected to have a significant role in cybercrime.
- Sweden is the largest victim of cybercrime.
- As of 2023 meantime used to identify breaches was 204 days.
- There were 125.74 million vulnerable user accounts during the height of the Covid shutdown.
- The average time to find a data breach as of 2023 was 204 days.
- With USD 604.93 billion in income from cyber security premiums in 2022, Chubb Ltd. topped the list.
- 70% of organizations said they have been the victim of a social engineering assault at least once in 2023.
- In 2023, the mean expense of a social engineering assault on a company was almost USD 130,000.
- Approximately 60% of businesses stated in 2023 that they had put in place thorough training courses to inform staff members about the risks posed by social engineering.
You May Also Like To Read
- Chinese Cyber Attack Statistics
- Phishing Statistics
- Facial Recognition Statistics
- Social Engineering Statistics
- Digital FootPrint Statistics
- Cybersecurity Statistics
Understanding Social Engineering Attacks
Social engineering attacks focus on cybercrimes that exploit vulnerable individuals and use masquerading techniques to gain leverage over their private information. In a nutshell, two different factors involving the human element are categorized.
Psychological Manipulation
- This involves performing actions that trick the target into divulging critical information.
- Around 70% of data breaches involve factors based on this form of phishing.
Human weakness: This method involves getting close to people and targeting their vulnerabilities.
- Using this aspect then, people are forced to work under the command of their perpetrators.
- Using spyware tools under the guise of useful software is a standard measure.
- Around 90% of malware is based on human weakness-based interactions that are focused on infecting.
Different Social Engineering Attacks
Baiting: It is a method of hooking employees by offering goods or gift cards, which is used to trap and gather information. Based on social engineering statistics, 93% of breaches come via email.
CEO Fraud: It is a fraud that attempts to siphon money from employees to transfer funds to an account that poses as a CEO.
- Besides using fake email, it is also possible that the official ID of the CEO is hacked and the request for funds is made.
- It’s essential to verify the amount requested from the concerned party directly
- According to Social engineering statistics, CEO fraud is currently a scam that amounts to losses of around $26 billion; hence, people should be vigilant.
- Currently, this fraud is estimated to target 400 or more firms daily.
Quid Pro Quo Fraud: Quid pro quo fraud refers to garnering sensitive information in exchange for desirable service.
- It was reported that it is one of the largest cybercrimes that resulted in $900 billion in losses.
- Based on social engineering statistics, there has been a threat of a $167 million scam in cryptocurrency.
Shocking Social Engineering Statistics
- Social engineering has been the reason for more than 98% of attacks.
- The most common cybercrime is Phishing.
- As of 2021, there are over 2 million phishing websites.
- Microsoft has been the recipient of 43% of most phishing emails.
(Reference: statista.com)
- In 2023, unpatched vulnerability remains the most significant cyberattack by companies in the United States.
- There is a 22% unknown root cause, which is a primary root cause.
(Reference: statista.com)
- In 2022, 34% of web-scale adoption was considered essential to the global supply chain.
- By 2025, AI is predicted to be pivotal in manufacturing worldwide.
- Also, the adoption rate has gradually decreased from 6% to 4%.
(Reference: statista.com)
- According to Social Engineering Statistics, Sweden was the most prominent victim of loss of sensitive information as of 2023, with 87%.
- As a worldwide average, 63% of organizations were victims of loss of sensitive information.
- Germany ranked a close second with 85% of total organizations with 85%.
(Reference: statista.com)
- As per Social Engineering Statistics, most user accounts were exposed during the Covid lockdown, with 125.74 million.
- Since then, the number of social accounts exposed has been significantly reduced, as shown by 8.17 million accounts.
(Reference: statista.com)
- As per social engineering statistics, data breaches have been identified steadily.
- In 2023, the meantime identification is 204 days in comparison to 191 days in 2017
- However, the mean time to contain has remained consistent, ranging between 69 to 75.
(Reference: statista.com)
- Cybercrimes have become a significant threat to the global scene, as evidenced by the investments made by leading insurance companies in the United States.
- According to social engineering statistics, Chubb Ltd. has the highest revenue, with $604.93 billion in 2022.
- The global insurance cost is predicted to exceed $22 billion by 2025.
Social Engineering Overview
Prevalence of Social Engineering Attacks
In 2023, social engineering attacks continued to rise, affecting individuals and organizations globally. According to recent data, approximately 70% of organizations reported experiencing at least one social engineering attack. This marked a significant increase from previous years, highlighting the growing threat posed by these attacks.
Projections for 2024 indicate that the prevalence of social engineering attacks will continue to rise, with about 75% of organizations expected to report such incidents. The increasing sophistication of these attacks and the expanding digital landscape contribute to this upward trend.
Types of Social Engineering Attacks
Social engineering attacks come in various forms, with unique methods and targets. In 2023, the most common types included phishing, spear-phishing, pretexting, baiting, and tailgating.
- Phishing: In 2023, phishing attacks remained the most prevalent form of social engineering, accounting for approximately 60% of all incidents. These attacks typically involve sending fraudulent emails to trick recipients into providing sensitive information or downloading malicious software.
- Spear-Phishing: More targeted than phishing, spear-phishing accounted for about 20% of social engineering attacks in 2023. These attacks are customized to specific individuals or organizations, making them harder to detect and prevent.
- Pretexting: In 2023, pretexting comprised around 10% of social engineering attacks. This method involves creating a fabricated scenario to persuade individuals to reveal confidential information.
- Baiting: Baiting attacks, which often involve luring victims with the promise of a reward or free service, accounted for approximately 5% of social engineering attacks in 2023.
- Tailgating: Tailgating, or piggybacking, where attackers gain physical access to restricted areas by following authorized personnel, made up about 5% of social engineering attacks in 2023.
For 2024, the distribution of attack types is expected to remain similar, with phishing likely to account for around 58% of incidents, spear-phishing 22%, pretexting 10%, baiting 5%, and tailgating 5%.
Financial Impact of Social Engineering Attacks
The financial impact of social engineering attacks is substantial, affecting organizations of all sizes. In 2023, the average cost of a social engineering attack on an organization was approximately $130,000 US dollars. This includes costs associated with data breaches, legal fees, regulatory fines, and damage to reputation.
By 2024, the average cost of a social engineering attack is projected to increase to around $150,000 US dollars. This rise is due to the increasing sophistication of attacks and the growing value of sensitive data.
On a global scale, the total financial impact of social engineering attacks in 2023 was estimated to be around $4.2 billion US dollars. For 2024, this figure is expected to rise to approximately $4.8 billion US dollars, reflecting these attacks’ continued growth and impact.
Industry-Specific Impact
Different industries face varying levels of risk and impact from social engineering attacks. In 2023, the financial sector was the most targeted, with approximately 35% of social engineering attacks directed at financial institutions. Attackers desire this sector due to the potential for significant financial gain.
The healthcare sector was also heavily targeted, accounting for about 25% of social engineering attacks in 2023. The sensitive nature of healthcare data makes it a prime target for attackers.
Other industries significantly affected in 2023 included retail (15%), manufacturing (10%), and education (10%). These industries are expected to face similar levels of risk in 2024, with the financial and healthcare sectors remaining the most targeted.
Employee Awareness and Training
Employee awareness and training are critical in mitigating the risk of social engineering attacks. In 2023, approximately 60% of organizations reported implementing comprehensive training programs to educate employees about social engineering threats. These programs typically include simulated phishing exercises, awareness workshops, and regular updates on emerging threats.
Around 65% of organizations are projected to implement or enhance their employee training programs by 2024. The increasing recognition of the human factor in cybersecurity drives this trend, as well-trained employees are often the first line of defense against social engineering attacks.
Technological Solutions and Investments
In addition to employee training, organizations invest in technological solutions to combat social engineering attacks. In 2023, global spending on cybersecurity solutions to prevent social engineering attacks was approximately $3 billion US dollars. These solutions include advanced email filtering, multi-factor authentication (MFA), and behavior analytics.
Spending on these solutions is expected to increase to around $3.5 billion US dollars by 2024. The growing sophistication of social engineering tactics and the increasing availability of advanced security technologies drive this investment.
Regulatory and Compliance Landscape
Regulatory requirements and compliance standards play a significant role in shaping organizational responses to social engineering attacks. In 2023, approximately 70% of organizations reported that regulatory requirements influenced their cybersecurity strategies, particularly in sectors such as finance and healthcare.
In 2024, regulatory influence is expected to continue growing, with around 75% of organizations expected to adjust their cybersecurity strategies to meet evolving compliance standards. This trend highlights the importance of staying abreast of regulatory developments and ensuring compliance to mitigate risks and avoid potential fines.
Notable Social Engineering Incidents
Several high-profile social engineering incidents in 2023 underscored the severity and impact of these attacks. One notable example involved a major financial institution that fell victim to a sophisticated spear-phishing campaign, resulting in a data breach that exposed sensitive customer information. The incident led to significant economic losses and reputational damage, highlighting the need for robust defense against social engineering.
In another incident, a healthcare provider experienced a pretexting attack, where attackers posed as IT support staff to gain access to patient records. This breach compromised thousands of records and resulted in substantial regulatory fines and legal fees.
The frequency and impact of such high-profile incidents are expected to continue rising in 2024, underscoring the importance of comprehensive security measures and awareness.
Future Trends and Projections
Looking ahead, several trends and projections for social engineering attacks in 2024 and beyond are emerging. One key trend is the increasing use of artificial intelligence (AI) and machine learning (ML) by attackers to enhance the sophistication of their tactics. AI-powered phishing campaigns and automated pretexting attacks are expected to become more prevalent, making it more challenging for organizations to defend against these threats.
Another trend is the growing focus on social engineering attacks targeting remote and hybrid work environments. As remote work continues to be a common practice, attackers exploit vulnerabilities associated with home networks and personal devices. In 2023, approximately 40% of social engineering attacks targeted remote workers, and this is expected to increase to around 45% in 2024.
Additionally, the rise of social engineering attacks through social media platforms is a concerning trend. Attackers increasingly use social media to gather information about potential targets and launch personalized attacks. In 2023, about 20% of social engineering attacks involved social media platforms, projected to rise to 25% in 2024.
Mitigation Strategies and Best Practices
Organizations must adopt a multi-faceted approach that includes technological solutions, employee training, and robust policies to combat social engineering attacks. Some best practices for mitigating the risk of social engineering attacks include:
- Implementing Advanced Security Technologies: Utilizing technologies such as MFA, email filtering, and behavior analytics can help detect and prevent social engineering attacks.
- Conducting Regular Employee Training: Educating employees about the tactics used in social engineering attacks and conducting regular simulated exercises can enhance their ability to recognize and respond to these threats.
- Establishing Strong Security Policies: Developing and enforcing policies related to data handling, access control, and incident response can reduce the risk of social engineering attacks.
- Monitoring and Responding to Threats: Continuously monitoring for signs of social engineering attacks and having a clear response plan can help mitigate the impact of these incidents.
- Fostering a Security-Aware Culture: Encouraging a culture of security awareness and vigilance among employees can enhance the organization’s overall security posture.
Conclusion
Social engineering attacks pose a significant and growing threat to organizations worldwide. In 2023, the prevalence of these attacks increased, with approximately 70% of organizations reporting incidents. The financial impact was substantial, with the average cost of an attack reaching $130,000 US dollars. For 2024, the prevalence of social engineering attacks and their economic effects are expected to continue rising, with about 75% of organizations likely to report incidents and the average cost increasing to $150,000 US dollars.
The financial sector, healthcare, retail, manufacturing, and education are among the most targeted industries. Employee awareness and training and investments in advanced security technologies are critical in mitigating the risk of social engineering attacks. Regulatory requirements and compliance standards also play a significant role in shaping organizational responses.
As attackers continue to evolve their tactics, leveraging AI, targeting remote work environments, and using social media platforms, organizations must adopt comprehensive and proactive strategies to defend against social engineering attacks.
FAQ.
Social engineering is the use of psychological tricks by perpetrators to collect critical and sensitive information.
Based on social engineering statistics, phishing is the most common attack—approximately 60% of all cybersecurity incidents in 2023.
As per social engineering statistics, the financial sector is the target, accounting for 35% of all social engineering attacks in 2023. The healthcare sector is second the most affected, making up to 25% of all attacks in 2023.
Aruna is an editor at Sci-Tech Today with a strong knowledge of SEO. She is skilled at writing and editing articles that are helpful and interesting to readers. Aruna also creates charts and graphs to embed in the articles, making them easier to understand. Her work helps Sci-Tech Today reach a large audience and share valuable information.
