"Fifth of Businesses Say Cyberattack Nearly Broke Them"

According to a new study by researchers at Hiscox, a fifth of US and European businesses have warned that a serious cyberattack nearly rendered them insolvent, with most (87%) viewing compromise as a more significant threat than an economic downturn.  The insurer polled over 5000 businesses in the US, UK, Ireland, France, Spain, Germany, the Netherlands, and Belgium to compile its annual Hiscox Cyber Readiness Report.  The study revealed the potentially catastrophic financial damage that a serious cyberattack can wreak.  The number of participants claiming to have nearly been brought down by a breach increased 24% compared to the previous year.  Nearly half (48%) of respondents said they suffered an attack over the past 12 months, a 12% increase from the previous report’s findings.  Businesses in seven out of eight countries see cyber as their biggest threat.  Yet perception appears to vary greatly depending on whether an organization has suffered a serious compromise or not.  The researchers noted that while over half (55%) of total respondents said they view cyber as a high-risk area, the figure among companies that have not yet suffered an attack is just 36%.  While spending on cybersecurity is increasing, on average, up 60% per company year-on-year, so is the cost of attacks.  Hiscox calculated the median cost at around $17,000, up 29% year-on-year.   Almost two-thirds of respondents (62%) agreed that their business was more vulnerable to an attack due to employees working from home.  This increased to 69% in companies with more than 250 employees.

Infosecurity reports: "Fifth of Businesses Say Cyberattack Nearly Broke Them"