87% of Organizations Rank Cyberattacks as the Number One Threat to Their Business

New data sheds a shocking light on just how inexperienced organizations are today in addressing cybersecurity needs – and the impact attacks are having on their business.

We’d like to think that most every organization today has a handle on cybersecurity; there’s a seasoned cyber expert at the helm with a clear vision of how to continually ensure the organization’s security posture. But, according to the recently-released Hiscox Cyber Readiness Report 2022, the level of cybersecurity expertise just isn’t there.

The problem is IT organizations still don’t see themselves as cybersecurity experts. According to the report, an average of 69% of organizations surveyed consider themselves “cyber novices” with only about 4.5% or orgs seeing themselves as “cyber experts”.

And this lack of expertise is having an impact. According to the report:

• 48% of organizations reported experiencing a cyberattack in the last 12 months
• 19% experienced a ransomware attack in the same timeframe
• 20% of organizations say an attack threatened their business solvency

The good news is that organizations are taking proper steps to thwart off future attacks:

• 64% of organizations have cyber insurance – up from 58% two years prior
• Cybersecurity spend is up 60% in the last year
• The average portion of the IT budget devoted to cybersecurity is 23.25%
• 39% of organizations have stepped up Security Awareness Training

It’s good to see organizations not only recognizing the threat reality of cyberattacks, but also making the necessary changes to priorities, budget, and focus to minimize the success of such attacks and their negative impacts on business.