Cost of data breaches to global businesses at five-year high
Research from business insurer Hiscox shows that the cost of dealing with cyber events for businesses has more than tripled. Read this blog for an overview of the financial toll of cyber incidents and the best way to reduce your risk and limit impact.
Rising Costs of Cybersecurity
Research from Hiscox indicates that the costs of dealing with cyber events have more than tripled since 2018. The average spending on cybersecurity rose from approximately $1.47 million in 2018 to about $5.24 million in 2022.
Frequency of Cyber Attacks
According to the Hiscox 2022 Cyber Readiness report, half of the companies surveyed experienced at least one cyber attack in 2022, which is an increase of 11% from 2020. The Financial Services and Technology, Media, and Telecom sectors reported a minimum of one attack for three consecutive years.
Importance of Cybersecurity Culture
Alana Muir from Hiscox emphasizes that a proactive approach to cybersecurity is essential for reducing the likelihood and impact of cyber events. Creating a culture where employees are knowledgeable and prepared to respond can significantly help in minimizing damage to the organization.
Cost of data breaches to global businesses at five-year high
published by He-Eleven.1 Consulting
He Eleven.1 Consulting is an Information Technology firm with the vision to bring the use of modern technology to enhance productivity for Government, Financial Institutions, Corporate Organizations, and Educational Institutions
We are strategically positioned to provide relevant IT Services: Remote Work Tools, Cyber Security Solutions, GRC & Analytics, Data Center Setup, Email Migration Services, Business Process Automation.
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