TMCnet News
Cost and Frequency of Cyber Attacks on the Rise, yet Companies are Less Prepared to Combat Attacks, According to Hiscox Cyber Readiness ReportNEW YORK, April 23, 2019 /PRNewswire/ -- Hiscox, the international specialist insurer, today released The Hiscox Cyber Readiness Report 2019™, which gauges how prepared businesses are to combat cyber attacks. The annual report surveyed nearly 5,400 professionals from the US, UK, Germany, Belgium, France, Spain and the Netherlands who are responsible for their company's cybersecurity and found that the cost and frequency of attacks are on the rise. Sixty-one percent of firms experienced a cyber attack in the past year, compared to 45% in 2018. The median cost for losses associated with cyber incidents also soared from $229,000 to $369,000. To determine the respondents' preparedness to handle cyber attacks, Hiscox evaluated the firms' strategy (oversight and resourcing) and execution (technology and process) and ranked them as a 'cyber novice,' 'cyber intermediate' or 'cyber expert.' Key findings specific to the more than 1,000 US companies surveyed include:
"The message that cyber risk is a real threat to businesses of all sizes is sinking in. Companies are increasingly aware of the risks and pouring more resources into cyber protection, and yet, there is still a tremendous gap between awareness of the issue and actually having an effective defense," said Meghan Hannes, Cyber Product Head for Hiscox in the US. "Many believe that increasing cyber-related spending fully protects a business, but it isn't enough. Businesses must take a holistic approach, ensuring they can properly maximize their investment with appropriate internal protocols, staffing, and employee training, ultimately creating a human firewall as the first line ofdefense." Creating a Line of Defense: Cybersecurity Best Practices Based off Hiscox's proprietary module, companies in the seven countries surveyed had to achieve a minimum score of 4.0/5 in strategy and execution to qualify as a 'cyber expert.' The study identified 'cyber expert' best practices that 'cyber novices' lack, and, based on the global findings, these include:
Hiscox USA provides a variety of specialty risk solutions including a broad spectrum of professional errors & omissions, general liability, cyber and data security, media liability, management liability, crime, kidnap & ransom, terrorism and commercial property insurance products. Hiscox offers an online interactive suite of cyber security training modules included as part of its Cyber and data insurance policies that helps customers prepare their employees and reduce the risk of a cyber incident occurring. In the US, Hiscox has offices in New York, NY; Atlanta, GA; Chicago, IL; Dallas, TX; Los Angeles, CA; Phoenix, AZ; San Francisco, CA and White Plains, NY. Related Materials: The Hiscox Cyber Readiness Report 2019™ About the Study Hiscox commissioned Forrester Consulting to assess organizations' cyber readiness. In total 5,392 professionals responsible for their organization's cyber security strategy were contacted (1,000 plus each from the UK, US and Germany, and 500 each from Belgium, France, Spain and the Netherlands). Thirty-nine percent of respondents were from organizations with fewer than 50 employees (small firms), 16% from medium-sized firms employing 50-249 people, 16% from large firms employing 250-999 personnel and the remaining 28% from enterprises with 1,000 or more employees. Respondents completed the online survey between 22 October and 7 December 2018. About The Hiscox Group Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It's a long-standing strategy which in 2018 saw the business deliver a profit before tax of $137.4 million in a challenging year for insurers. The Hiscox Group employs over 3,300 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS. In the US, Hiscox underwrites admitted insurance products through Hiscox Insurance Company Inc., a Chicago-based insurer. Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com. Follow Hiscox USA on Twitter @Hiscox_USA and @HiscoxSmallbiz. The content provided above is provided for general informational purposes, but is not intended, nor shall it be deemed, to be business, legal or insurance advice for any particular or specific person or entity. Media Contacts Lou Casale Gyawu Mahama
View original content:http://www.prnewswire.com/news-releases/cost-and-frequency-of-cyber-attacks-on-the-rise-yet-companies-are-less-prepared-to-combat-attacks-according-to-hiscox-cyber-readiness-report-300836008.html SOURCE Hiscox |