German firms are particularly vulnerable to cyber attacks, according to the Hiscox Cyber Readiness report 2021.
In its fifth year, the Hiscox Cyber Readiness Report found that German firms accounted for more than a third of total losses across the entire study group at $48 million. The report surveyed 6,042 companies across the US, UK, Belgium, France, Germany, Spain, the Netherlands and Ireland.
Hiscox unveiled a new cyber readiness model to gauge firms’ strengths in six key cyber security areas across people, process and technology. It is designed to be interactive, allowing businesses to check and compare their cyber maturity with their peers, draw on best practice in each area, and develop cyber resilience.
One in five (20 percent) were classified as ‘expert’ while more than a quarter (27 percent) were classed as novices.
Firms that qualified as experts in Hiscox’s cyber readiness model suffered fewer ransomware attacks, were less likely to pay up and recovered more quickly. The US had the highest proportion of cyber experts (25 percent) and one of the lowest median costs of attacks. The UK ranked second, with 23 percent of firms ranked as experts.
The…
