UK businesses are not prepared to face a cyber-attack

More than half of companies in the UK, US and Germany (53 per cent) are not prepared to face a cyber-attack. This is according to a new report by specialists insurer Hiscox, which has polled more than 3,000 companies for the report. 

The Hiscox Cyber Readiness Report 2017 analysed four areas – strategy, resourcing, technology and process, and ranked companies based on such criteria. Most companies scored fairly well for technology, but less than a third (30 per cent) reached the ‘expert’ score in their overall cyber-readiness. 

The report says 35 per cent of UK businesses that were targeted in the past 12 months did nothing to protect themselves from future attacks. It also says that cyber-attacks don’t hit every company equally. The smaller the business – the harder the hit. 

More than half (57 per cent) said they were attacked at least once in the last 12 months, with 26 per cent admitting to have been victims at least three times. 

One incident costs, on average, £42,779.

“With fewer than a third (30%) of businesses qualified as ‘expert’, our study reveals a worrying absence of cyber security readiness among business consumers,” commented Steve Langan, Chief Executive, Hiscox Insurance.

“By surveying those directly involved in the business battle against cyber crime, this study provides new perspective on the challenges they face and the steps they are taking to protect themselves. But it also offers a series of practical recommendations for those businesses that still have work to do in tackling cyber risk. We hope it will contribute to a better understanding of what is needed to be fully cyber ready.”

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