Simonx | 23rd April 2019 - 4 min read
We often write about the dangers and risks of cyber-attacks but Hiscox’s annual Cyber Readiness Report puts the facts in figures into perspective and highlights business’ shortcomings when it comes to being prepared for an online onslaught.
The report, which was issued this week for 2019, highlighted that there is a sharp increase in the number of and cost of cyber-attacks. More than three out of five firms (61%) reported one or more attacks in the past year. But, worryingly, it found that the proportion of businesses achieving top scores for their cyber security readiness is marginally down year-on-year.
The international insurer’s report should hardly be ignored as the survey conducted to establish these results is quite far reaching. This time 5,400 organisations across seven countries including the UK, US, Belgium, France, Germany, Spain and the Netherlands were approached.
Each company was assessed on their cyber security strategy and execution and ranked accordingly. Hiscox found that only 10% of those surveyed achieved high enough marks in both areas to qualify as cyber security ‘experts’.
Other key findings included:
Hiscox did say there was some cause for optimism because the number of firms with no defined role for cyber security has halved in the past year from 32% to 16%. What’s more, there are fewer survey participants that have not sprung to action following a cyber incident.
Regulation is also a major reason for companies to get their act into gear. The survey findings show that 80% of UK businesses were prompted into action to ensure General Data Protection Regulation (GDPR) compliance, while 85% of continental European firms made changes following the introduction of GDPR.
It’s clear from the survey that while companies are spending more on cyber-security they need to do more to be prepared for online attacks. With the average loss topping $700,000 one can’t help but think that such colossal losses could land SMEs in financial hot water.
If you’re concerned about your business, contact us to see what we can do to heighten your security levels and how we can ensure that you’re compliant with regulation such as GDPR.
Simon spent over 10 years programming from behind a keyboard, before transitioning across to management. A keen adrenaline junkie, whether that involves going up the mountain or over the edge of the cliff. He learned his management skills not just in the I.T world but also running youth camps and conferences, helping teenagers find a footing in life. He also really likes pie.