53% of Organizations Experienced Cyber Attacks

As increasing percentages of businesses experience cyberattacks, new data provides details on where the most organizational risk lies.

According to U.K. cyber insurer Hiscox’s Cyber Readiness Report 2023, attacks are on the rise:

• 53% of organizations have experienced a cyber attack, up from 48% last year
• 7 in 10 enterprise organizations were victims of an attack, up from 62% last year
• “Exposure to a cyber attack” is now ranked as the number one business risk

With these increases, how prepared are organizations? According to Hiscox, organizations are spending money on the problem; the median cybersecurity spend is a little over $1.39 million (with enterprises spending $4.9 million).

But in the United States, only 4% of organizations consider the maturity of their cybersecurity efforts to be at an “Expert” level. Even so, the percentage of organizations who believe their cyber risk has decreased rose from 12% to 16%, demonstrating increased confidence.

So, what risks are organizations still worried about?

Nearly a third (32%) of those who considered their risk exposure having gone up in the past 12 months said one reason was the greater number of employees working remotely. With users being one of the primary concerns in elevated risk, it’s necessary to include security awareness training as part of the cyber readiness strategy to reduce the risk of attack via phishing and/or social engineering.

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