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

Digit | June 22, 2020

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%.

Spotlight

Driven by rising costs in exploration and production as well as by increasing competitive intensity and regulatory pressures, oil and gas companies are looking for new ways to increase production capacity and operational efficiencies. This has led to the rapid adoption of digital technologies to help run their organisations. As these technologies are implemented across oil and gas operations, they are creating what is now called the digital oilfield. It is the result of a convergence between IT and operational technology (OT), and represents a new way of doing business that is helping oil and gas companies reduce operational costs, improve efficiency and production, and comply with regulations.


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SOFTWARE SECURITY

SecurityScorecard Launches Cyber Risk Quantification Portfolio Providing Customers Various Models to Conduct Security Cost-Benefit Analysis

SecurityScorecard | April 27, 2022

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Founded in 2013 by security and risk experts Dr. Aleksandr Yampolskiy and Sam Kassoumeh, SecurityScorecard's patented rating technology is used by over 30,000 organizations for enterprise risk management, third-party risk management, board reporting, due diligence, cyber insurance underwriting, and regulatory oversight. SecurityScorecard is the first cybersecurity ratings company to offer digital forensics and incident response services, providing a 360-degree approach to security prevention and response for its worldwide customer and partner base.

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SOFTWARE SECURITY

Guidepost Solutions Acquires Significant Equity Interest in Cybersecurity Solutions Firm Truvantis, Inc.

Guidepost Solutions LLC | March 29, 2022

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SOFTWARE SECURITY

Criminal IP New Cybersecurity Search Engine launches first beta test

AI Spera | April 12, 2022

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DATA SECURITY

HITRUST i1 Assessment control selection leverages security best practices, threat intelligence

HITRUST | December 18, 2021

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Spotlight

Driven by rising costs in exploration and production as well as by increasing competitive intensity and regulatory pressures, oil and gas companies are looking for new ways to increase production capacity and operational efficiencies. This has led to the rapid adoption of digital technologies to help run their organisations. As these technologies are implemented across oil and gas operations, they are creating what is now called the digital oilfield. It is the result of a convergence between IT and operational technology (OT), and represents a new way of doing business that is helping oil and gas companies reduce operational costs, improve efficiency and production, and comply with regulations.

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