The latest from Hiscox, as they survey the frequency of cyber incidents;
According to the latest research from Hiscox in its annual Cyber Readiness Report, two-thirds (Global: 67%, UK 70%) of organisations have experienced more cyber incidents in the past 12 months than the previous year. With cyber attacks on the rise, business reputation and brand trust are becoming increasingly at risk.
Among the businesses impacted by cyber attacks, almost half (Global 47%, UK: 46%) report considerable challenges in attracting new customers, compared to 20% the previous year. This was closely followed by loss of existing customers at 43% (2023: 21%), bad publicity for the company at 38% (2023: 25%), and loss of business partners at 21% (2023: 16%).
Concerns over reputational damage are also influencing businesses’ decisions to make ransomware payments. Over the past 12 months, the top three reasons organisations paid ransom were: 1) to protect their customer data, 2) to protect their reputation, and 3) to recover their data because they did not have any back-ups. Unfortunately, despite these efforts, paying a ransom did not guarantee the safe return of information, with only 18% of…
