https://www.cpomagazine.com/cyber-security/cyber-losses-snowballing-despite-an-increase-in-cyber-security-spending/
By Alicia Hope
CPO Magazine
July 6, 2020
Hiscox report shows increasing cyber losses for businesses targeted by
various cyber risks. The study found losses stemming from cyber security
threats had grown almost six-fold, jumping from a median cost of $10,000
to $57,000 per company within the reported period. However, firms also
stepped up their cyber security spending by 39% to keep up with the
increasing threats. Contrarily, the number of businesses targeted fell
from 61% to 39% during the same period. The study analyzed 5,569 companies
from both the private and public sectors in the U.S., UK, Germany, France,
Belgium, Spain, Ireland, and the Netherlands.
Key findings of the Hiscox report
The report ranked each firm based on its security strategy and execution.
Results showed that companies’ readiness increased from 10% to 18% with
some firms achieving expert status. The rise in cyber security expenditure
was contrary to the previous two years, where cyber security spending was
falling.
The report also showed that one in six firms attacked paid a ransom. The
most expensive loss by a single company, which involved ransomware and
other cyber events, amounted to $50 million.
Higher spending was associated with increased expertise, according to the
Hiscox study. Higher ranking firms had an average cyber security
expenditure of $4.2 million within 12 months. In contrast, poorly
performing firms spent an average of $1.3 million over the same period.
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