Cyberattacks have inflicted an average of US$4.7 million in losses for the past fiscal year, with one in 10 firms sustaining losses exceeding US$10 million, an industry report revealed.
The report was produced by The Cybersecurity Imperative, a global thought leadership program produced by independent researcher ESI ThoughtLab, in conjunction with Willis Towers Watson and other cybersecurity and risk management organisations.
The study, which covered 467 firms across multiple industries in 17 countries, revealed that businesses expect to boost their cybersecurity investments by 34% in the next fiscal year, after raising them by 17% the previous year. Around 12% of companies surveyed plan to bolster their cybersecurity investments by over 50%. Additionally, since last year, the percentage of companies seeing a significant impact from cybercriminal activities — such as installation of ransomware — has soared, from 57% to 71%.
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“It’s clear from the findings that companies are experiencing…
