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Business Hit with Six-fold Increase in Cybersecurity Losses in Past Year

June 22, 2020 / David Paul
SHARESHARESHARE

Although costs have increased, data shows a sharp rise in cybersecurity spending and measures to combat the issue. A recent study by insurer Hiscox has revealed a six-fold increase in cybersecurity losses among businesses targeted in the past year, increasing from a median $10,000 (£8,051) per firm to $57,000 (£45,892). The international study, using findings from 5,569 companies across eight countries, shows a $1.2 billion rise in cyber losses to almost $1.8 billion, with the most heavily-targeted sectors being financial services, manufacturing and technology, media and telecoms (TMT). However, there were also signs that firms are responding to threats with “more rigorous security measures and higher spending”, which increased by 39%. As well as this, although losses increased, the proportion of businesses targeted fell from 61% to 39%.