Approximately 61% of worldwide companies have reported one or more cyberattacks in the last year, according to a new Hiscox Cyber Readiness report.
However, the study also shows that the majority of firms with a dedicated cybersecurity role in place have significantly increased as well. There is also a marked decrease in the number of respondents saying that they made no changes in the aftermath of a cyber incident, reducing from 47% to 32%, suggesting that organisations are now taking cybersecurity issues more seriously.
The annual international study by insurer Hiscox is based on surveys of both public and private sector firms across the UK, US, Belgium, Spain, France, Germany and the Netherlands. Organisations claimed that the rate of cyberattacks has increased by 45% since the 2018 Hiscox report was released.
Up to £551,000 on average has been reportedly lost for larger firms due to cyberattacks. This is a significant increase from £128,000 in 2018. Among all firms in general, average cyberattack losses rose from £180,000 last year to now £291,000.
The study is set out to analyse companies’ cybersecurity strategies and execution. This year only 10% of those firms were ranked as ‘expert’ in their cybersecurity strategy, and a substantial 74% were ranked as ‘novices’.
The CEO of Hiscox Cyber, Gareth Wharton said: “This is the third Hiscox Cyber Readiness Report and, for the first time, a significant majority of firms report one or more cyberattacks in the past 12 months.
“Where hackers formerly focused on larger companies, small and medium-sized firms now look equally vulnerable. The cyber threat has become the unavoidable cost of doing business today. The one positive is that we see more firms taking a structured approach to the problem.”
The amount of firms with no defined role for cybersecurity has halved in the past year, reducing from to 16% from 32%.
In addition, implementation of GDPR in Europe has continuously led to widespread changes, with 84% of firms on the European continent saying they have brought in new practices in order to comply with the regulation. That figure is at around 80% in the UK.
Source: Silicon Republic
