"Cybercrime Losses Up 50%, Exceeding $1.8B"

Fewer organizations are reporting cyber incidents. However, for those that are experiencing these incidents, the attacks have increased in severity. According to the 2020 Cyber Readiness Report released by Hiscox, a Bermuda-based insurance provider, the total cyber losses among impacted companies rose to $1.8 billion within the past 12 months, a 50% increase from last year's total of $1.2 billion. Large organizations were the most targeted by cybercriminals, and the most willing to pay demanded ransoms. Organizations within the energy, manufacturing, and financial services sectors are considered the most vulnerable to attacks due to their low cyber resilience maturity level and tolerance for high-impact outages. In addition, the most commonly used attack vectors are still malware, ransomware, Business Email Compromise (BEC), and Distributed Denial-of-Service (DDoS). This article continues to discuss key findings shared by the 2020 Cyber Readiness Report.

Dark Reading reports "Cybercrime Losses Up 50%, Exceeding $1.8B"