Annual losses from cyberattacks averaged $4.7 million in the last fiscal with more than one in 10 firms losing over $10 million —according to a new report from researcher ESI ThoughtLab, Willis Towers Watson and other organisations specialised in cybersecurity and risk management.
The study covered 467 firms across multiple industries in 17 countries revealing that companies worldwide expect to boost their cybersecurity investments by 34 percent in the next fiscal year, after raising them by 17 percent the previous year. About 12 percent of companies surveyed plan to bolster their cybersecurity investments by over 50 percent. Additionally, since last year, the percentage of companies seeing a significant impact from cybercriminal activities — such as installation of ransomware — has soared, from 57 percent to 71 percent.
Peter Foster, chairman, Willis Towers Watson Global FINEX Cyber and Cyber Risk Solutions says, “It is clear from the findings that companies are experiencing escalating impacts this year from key adversaries, including cybercriminals, malicious insiders and state-sponsored hackers, often from jurisdictions beyond the reach of local law. Establishing a…
