The latest Hiscox Cyber Readiness Report 2024 is out and it’s worth taking a look at the main highlights to see if your business is on track…or hopefully one step ahead!
They say: “Despite perceptions that cyber security risks are declining, the reality is quite the opposite – attacks are growing in frequency and complexity, exposing significant gaps in business defences. As emerging technologies outpace traditional security measures, many firms are struggling to invest adequately in the right talent, tools and strategies to protect against these evolving threats.
“To safeguard against these risks, organisations need to build a cyber-aware culture, recognising cyber defence as a collective responsibility rather than purely an executive or operational concern.”
We’ve picked out the key highlights for you to check-at-a-glance:
➡️ 67% of firms report an increase in the number of times their organisation experienced a cyber attack in the past 12 months
➡️firms identify a greater number of employees using their own devices for work as a contributing factor
➡️56% believing GenAI will significantly impact their cyber security risk profile (but 64% of leaders also believe GenAI will be pivotal in shaping their cyber security approach by 2030)
➡️firms spent 11% of their IT budget on cyber security in 2023, with smaller firms dedicating a larger proportion of their budget
Other highlights include:
➡️Of the organisations that have experienced a cyber attack in the past 12 months, 47% report greater difficulty in attracting new customers, and 43% report losing customers.
➡️A third of firms (34%) say their organisation’s cyber security measures are compromised due to a lack of expertise in managing emerging tech risks.
➡️Two-thirds of leaders (65%) say their organisation has invested in additional cyber security training for remote employees to mitigate the risk of cyber attacks.
➡️A third of business leaders (34%) do not feel that their organisation is adequately prepared to handle cyber attacks.
You can read the full report HERE or reach out to us on 01865 367111 to ask about our new all-in-one security bundle.