The Hiscox Cyber Readiness Report 2017

A study of 3,000 companies in the UK, US and Germany found that more than half (53%) of businesses in the three countries are ill-prepared to deal with cyber attacks. The Hiscox Cyber Readiness Report 2017 assessed firms according to their readiness in four key areas – strategy, resourcing, technology and process – and ranked them accordingly. While most companies scored well for technology, fewer than a third (30%) qualified as ‘expert’ in their overall cyber readiness.

Among the key findings:

  • UK firms targeted less, but are slow to respond: UK firms are least likely to have experienced a cyber-attack in the past year (45%) 
  • Incidence of attacks is high: More than half (57%) of firms have experienced a cyber-attack in the past year and two in five (42%) have had to deal with two or more. Larger companies are targeted most often. Nearly half (46%) of businesses took two days or more to get back to business as usual. 
  • Smaller firms hit hardest: Small businesses appear more complacent than their larger counterparts, with 29% saying they changed nothing following a cyber security incident (compared with 20% of larger firms).
  • Costs range to over £500,000 per incident: These figures only consider the direct costs of an incident - the impact on business reputation and customer confidence can be much greater.

A full copy of the report can be found here.

For more information on how to protect yourself and your business visit the IT Faculty cyber security resource centre.