Cyber security readiness stalls as attacks intensify, finds insurer Hiscox

Global cyber security has “stalled” despite a sharp rise in attacks and soaring costs from the fall out, according to the Hiscox Cyber Readiness Report 2019. This lull in progress on cyber security has happened as attacks “reach a new intensity”, with more than three out of five firms (61 percent) reporting an attack in the last year up from 45 percent the year before. Hiscox found that the frequency of attacks has also increased. Of the seven countries covered in the report Belgian firms were found to be the most heavily targeted, while US firms were the least attacked. Small firms with less than 50 staff have come under increased digital hostilities. This group reported reported one or more incidents, representing a rise from 33 percent to 47 percent. While medium sized firms with between 50 and 249 employees saw attacks soar from 36 percent to 63 percent. The report found that “more firms fail the cyber readiness test” when measured against the insurer’s quantitative model. It highlighted a small decline in the proportion of firms achieving ‘expert’ scores for their cyber strategy and execution, down from 11 percent in 2018 to 10 percent this year.