10 Key Metrics for Tracking Cybercrime Trends

Financial services are a top target for cybercrime. And while banks are the most commonly affected, the rise of new payment technology and full-service apps and online tools means there are more and more trends affecting those third-party transaction sites.

Like with all things, the latest trends in cybercrime are evolving as we speak. And it’s sometimes hard to tell which metric is an indicator of an imminent problem, which indicators are more geared toward prevention, and which trends are not applicable to your business or your transactions at all. Let’s go through some key metrics for tracking cybercrime trends.

Key Metrics: Level of Preparedness

Regardless of the latest and greatest trends in cyberattack statistics, the first key metric or KPI you should be monitoring is your level if preparedness. How many devices on your network are fully patched, up to date, and properly protected?

The Mean Time KPIs

There are several “mean time” metrics that can help financial services monitor their risk factors.

Mean Time Between Failures (MTBF) tracks how much time has passed between system and/or product failures. This is a reliability-based KPI.

Mean Time to Detect (MTTD) tracks how long security threats can exist without any person or system being alerted – essentially, this shows you how long it takes from the inception of the attack to the moment your team is aware of the problem.

Mean Time to Acknowledge (MTTA) is closely related to MTTD – once the systems and IT personnel are aware, this tracks how long it takes for them to start working on resolving the issue.

Mean Time to Contain (MTTC) expands on the previous KPIs and shows how long it takes your team to contain or neutralize the threat.

Mean Time to Resolve (MTTR) is the time it takes for your team or IT department to respond once they become aware of the breach.

And finally, Mean Time to Recovery (also MTTR) measured the time it takes your business to recover from the breach or system failure fully.

Number of Incidents Reported

You can’t determine if your cybersecurity regimen is working if you don’t know how many breaches or hacks you and your networks are encountering.

When it comes to tracking and understanding the metrics concerned with the number of incidents reported, make sure you look at other related metrics, like unsecured devices and cybersecurity awareness training statistics.

If your entire team has been through cybersecurity awareness training, but you’re still seeing lots of breaches, it may be time to step up the training, or it means you have too many unsecured devices interacting within your networks. The number if incidents can fluctuate greatly based on several factors, and these must be considered when you are reviewing this KPI.

Cybersecurity Awareness Training Results

Most often, cybersecurity breaches and data loss are a direct result of employee negligence. This can stem from weak passwords or subpar training and practices.

Using the completion rates for your employees’ cybersecurity training programs is a great way to see if your staff (from top to bottom) is taking cybersecurity seriously in their everyday tasks. Maintain documentation for your past, current, and future employees to see if there are any holes in your cybersecurity education.

Cost of Cybercrime Trends

The financial services industry, as we mentioned earlier, is often the target of cyber attacks. This gives financial institutions and businesses that use online transaction systems even more reason to evaluate the cost of a breach and put that money into a budget that allows you to protect those assets before you have to restore or replace them.

A popular KPI to track here is the cost per incident. How much does it cost to respond to and successfully resolve a cybersecurity hack or issue?

Average Vendor Security Rating

Are you working with third-party payment or online vendors? Most businesses are. And it’s important to assess the certifications and review their cybersecurity ratings before you continue using them as part of your business operations.

For example, ReliaFund adheres to the highest standards when it comes to compliance, and continues to offer PCI-compliant credit card and online transaction certification, among other measures.

Secure Your Payments with ReliaFund’s All-in-One Payment Platform

Creating cybersecurity solutions for your business is part of your core operations, but it’s probably not your favorite thing to do. Just like taxes and HR, there are lots of cybersecurity functions that aren’t part of your main products or services, but they’re a necessary component to your success.

ReliaFund’s all-in-one payment processing platform includes the highest levels of secure payment processing available, whether you are completing customer transactions online or in-store. Encryption, fraud filters, and PCI compliance are built into our platform, so you can rest easy knowing every payment is safe and secure.