A new report from insurance provider Hiscox suggests that an increasing number of businesses are being targeted by cybercriminals. The company’s Cyber Readiness Report says that now almost two thirds (61 per cent) of organisations reported such an incident in the last 12 months, up from 45 per cent a year before.
It says that hackers are no longer focused on large enterprises only – small businesses are an equally tempting target, as well. Even though they can’t compete with a large enterprise’s cybersecurity budget – there are things small businesses can do to ensure their online safety (opens in new tab).
According to the Cyber CEO at Hiscox, Gareth Wharton, solutions are evolving at the same speed as the threats.
But the type of the attack is just one side of the coin, with the frequency being the other. It is increasing, while organisations keep failing the cyber-readiness test. Almost three quarters (74 per cent) are yet to reach the Hiscox’s threshold ‘established for expertise’.
The number of organisations in the expert category is slightly down one per cent year-on-year, while intermediates make up 16 per cent of respondents, same as last year.
Fewer experts means higher cost of mitigation. A cybersecurity incident now costs (opens in new tab) 61 per cent more – roughly $369,000. The cost to small businesses, however, is down by more than half, to $14,000.
Hiscox’s full report can be found on this link (opens in new tab).
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