A new report[pdf] by Hiscox looks at the cyber readiness of organizations in the US and various European countries. The study found that 61% of firms experienced a cyberattack in the past 12 months, which represents a serious increase over last year, when the number was 45%.
According to the study, cyberattacks are not only becoming more common, but also more expensive, with median losses amounting to $360,000, compared to $229,000 in the previous report. In line with other recent studies, Hiscox identified a rise in supply-chain attacks that target companies through vendors and other third-parties. This type of attack affected almost two out of every three (65%) firms.
On the plus side, nearly three in four (72%) firms aim to increase their cybersecurity budgets in the next 12 months, while the percentage of firms that still haven’t created a specific position for cybersecurity was cut in half from 32% in the previous report to 16% for the past 12 months.
Read more: How businesses plan to protect themselves against cyberattacks
