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Cyber crime soaring

23 April 2019

More than three out of five firms (61%) experienced a cyber incident in the past year, up from 45% in 2018, says the latest report from Hiscox. And, it was Belgian firms who were the most heavily targeted.

While larger firms are still most likely to suffer a cyber attack, the proportion of small firms reporting an incident is up from 33% to 47%.

Among the firms across seven countries reporting attacks, average losses associated with all cyber incidents have risen from $229,000 last year to $369,000 – an increase of 61%. For larger firms cyber-losses now top $700,000. Of the country’s surveyed German firms suffered the most, with one reporting a cost for all incidents of $48m.

Supply chain incidents are also more commonplace. Nearly two-thirds of firms (65%) have experienced cyber-related issues in their supply chain in the past year. The worse affected are technology, media and telecoms (TMT) and transport firms. The majority of firms (54%) now evaluate the security of their supply chains at least once a quarter or on an ad hoc basis.

*The Hiscox Cyber Readiness Report 2019 looked at companies in the US, UK, Belgium, France, Germany, Spain and the Netherlands.

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