The Cyber Security Report (formerly Cyber Threat Report) is an annual analysis of the current cyber threat landscape based on real-world data collected and studied by Hornet security’s dedicated Security Lab team. Hornet security processes more than two billion emails every month. By analyzing the threats identified in these communications, combined with a detailed knowledge of the wider threat landscape, the Security Lab reveals major trends and can make informed projections for the future of Microsoft 365 security threats, enabling businesses to act accordingly. Those findings and data are contained within this report.