The latest data from the Hiscox Cyber Readiness Report highlights an imbalance in the level of cybercrime that US companies have against their actions when a cyberattack occurs. Even if they are considered global "cyber experts", US companies are likely to pay a ransom (as 71% of the targeted pay). Phishing emails are the most common method of entering ransomware (60%) and companies still fall victim too often. Let us explore how organizations experience cyber threats and how they respond to increase their preparedness for the next time.
It's scary, but cyberattacks can wipe out your business from the face of the earth. According to a leading security awareness and training solutions company, KnowBe4, from "replacing ransomware attacks that cost nearly $ 2 million, to the cost of non-compliance with data rules due to an increase in cyberattacks, there is no way to budget for the aftermath of a cyberattack.
Thankfully, companies seem to be getting smarter and spending more on cybersecurity. The average organization now devotes 21% of its IT budget to cybersecurity – a big jump from about 13% by 2020. And when you look at more Hiscox data, it makes sense why:
- The proportion of organizations experiencing a cyberattack rose from 38% to 43%.
- Of those who experienced an attack, 73% of them experienced more than one attack in the past year.
- Only 9% of organizations say they have been able to defend the attack without affecting operations
All kinds of cyber security training are available … including free IT security tools. Check out KnowBe4's free tool page. Their chosen tool is a browser password inspector.
It will be important to plan to increase spending on security awareness training – a key aspect of a mature cyber preparedness program. You can see that it is necessary to give your employees the opportunity to act as part of your cyber security position. How will you respond?
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