HomesecurityCybersecurity: Costs doubled but 2/5 of companies suffer data breaches

Cybersecurity: Costs doubled but 2/5 of companies suffer data breaches

Expenditure on cybersecurity has increased 2020 in Europe and the USA. However, data breaches not only did not decrease, but increased - from 38% to 43% of organizations surveyed by the Hiscox.

The annual report Hiscox Cyber ​​Readiness is a useful "indicator" of how mature and effective the organizations' cybersecurity strategies are. This year, the company attracted Forrester Consulting for poll over 6.000 companies based in the USA, the United Kingdom, Belgium, France, Germany, Spain, the Netherlands and Ireland.

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Cybersecurity - costs - data breaches
Cybersecurity: Costs doubled but 2/5 of companies suffer data breaches

According to the poll, the average company now spends more than one-fifth (21%) of its IT budget on cybersecurity - increase by 63% within a year - on average costs per business more than double in two years From $ 1,45 million to $ 3,25 million.

However, this money for cybersecurity do not necessarily improve results, given that successful cyberattacks are on the rise. More than a quarter (28%) of the targeted companies suffered five or more attacks, with almost one fifth (17%) to claim that the economic consequences were so great that they threatened their future.

See also: Business Cyber ​​Risks: How business can be protected

The ransomware had a significant impact on organizations last year: 16% suffered ransomware attacks and 58% paid the ransom required. Hiscox also evaluates organizations based on "Cyber ​​readiness", in six key areas involving people, processes and technology. The company found that organizations still have a long way to go to achieve the desired results, with just one fifth (20%) of organizations to be evaluated as "Experts" and more than a quarter (27%) of organizations to be evaluated as "Beginners".

Cyber ​​security data breaches
Cybersecurity: Costs doubled but 2/5 of companies suffer data breaches

Proposal: Booking.com: Fine of € 475.000 for not reporting data breach in a timely manner

It is noteworthy that the organizations were rated as "Experts" in cybersecurity, suffered fewer ransomware attacks, were less likely to pay ransom and recovered faster.

The USA they had it highest percentage of "experts" in cybersecurity (25%) and one of the lowest average attack costs. Although the United Kingdom is located in second place, With the 23% of its organisms to be evaluated as "Experts", these organisms were less likely to be attacked by cyber (36%), while most likely successfully defended against such threats, according to Hiscox.

Source of information: info-securitymagazine.com

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