Cyber Insurance reports are a great place to get real world data on cyber attack frequency and financial impact.
We read the latest Hiscox Cyber Readiness Report which had some interesting tidbits!
🌎 It Can Happen to You: Over half of all firms (53%) reported a cyber attack, up from 48% the previous year. 36% of firms with fewer than ten employees have been attacked, a significant rise over three years.
🏗 Small Business Targets: Cyber criminals are increasingly focusing on small businesses. Despite this, smaller firms have reduced their cyber defense spending.
🍎 Inexperience Costs More: 'Cyber novices' face attack costs that are 2.5 times higher in terms of revenue percentage.
💸 Financial Impact: The typical cost of a cyber attack is around $17,000. However, one in eight businesses faced devastating costs of over $250,000. And several over $10 million. Payment diversion fraud is particularly prevalent, affecting one in three attacked companies.
🗺 A Top Concern: Five out of eight countries now rank cyber attacks as their top business concern. Moreover, 20% of attacked firms felt their very solvency was threatened after an attack.
💵 Cybersecurity Spending Rising: Investment in cybersecurity is growing, with an average spend of $155,000, a 39% rise over three years. For the smallest firms, this amount has quadrupled (4x) in two years.
📧 Attack Methods via Email: Email hacks are hackers' favorite way in, followed by a cloud or corporate server.
If you're not doing these things (among others), they say this indicates an attack is likely.
- Conducting vulnerability assessments and penetration tests
- Testing software for vulnerabilities
- Enforcing multi-factor authentication (MFA)
The cyber threat landscape is intensifying, especially for small businesses. The financial implications are severe, and global concern is growing. Investing in cybersecurity is not just advisable; it's imperative.
Get in touch today!
Contact: [email protected]
Adversis ACS: https://acs.adversis.io