2020 - Business Cyber Readiness

Cyber threats are ubiquitous and a common problem for every business with many companies struggling to improve their cyber awareness and their response. Cyber losses among businesses have risen nearly six-fold during the past year, from a median cost of $10,000 per firm to $57,000, according to latest Cyber Readiness 2020 report by Hiscox Insurance  

The benefit of increased cyber security expertise is not felt universally and the report’s UK data has been analysed to reveal stark differences between sectors.

The highest recorded total loss for any one company over the duration of the year was $87.9 million -a UK financial services firm - while the highest loss from any one event was $15.8 million  was suffered bu a UK professional services firm. The most heavily targeted sectors were financial services, manufacturing and technology, media and telecoms (TMT).

The energy industry faces the highest level  threat from cyber attacks, according to the report. This sector saw a loss of more than £100,000 in just 12 months, having been impacted by incidents such as phishing and virus infestation attempts. Energy businesses demonstrated an impressive effort to become cyber ready and now 84 per cent of companies have a dedicated cyber security role. However, it seems this is not enough to mitigate the high level of threat this industry faces and of the 15 different sectors analysed, energy was one of those most likely to face a cyber-attack.

Overall the 2020 report shows cyber crime is on the rise along with threats to business. Cyber losses have risen nearly six-fold worldwide in the past year. 

This report has surveyed firms in the UK, the US, Spain, the Netherlands, Germany, France, Belgium and Ireland.
The proportion of firms reporting a cyber event is down this year from 61% to 39%, but the financial impact of each breach is many times greater than before.

The UK’s government and non-profit sector saw a lot of losses due to cyber-attacks in the course of the past year. This is despite 70 per cent of organisations having at least one employee whose work focuses on cyber security. These  trends are  significant -  the energy and government sectors play a central economic and social role in society.  “While firms appear to be upping their game when it comes to cyber security at a global level, this is by no means uniform across sectors or countries,” Stephen Ridley, cyber underwriting manager at Hiscox UK. The report shows a broad-based rise in cyber security spending over the past year, with an average spend among the survey respondents of $2.1 million, up from $1.5 million the previous year, which is a rise of 39%.

This shows an increase in overall IT budgets and a 30% jump in the proportion that is focused on cyber. This has now moved from 9.9% to 12.9%, says the report.

As cyber criminals and their focused attack crimes change as the technology changes, businesses need to be aware of the key threats and how they can protect themselves. Technological advances and the wide use of digital media are making attackers smarter by the day and cyber criminals take advantage of individuals and firms who pay less heed to cyber security. 

Elite Business:     Insurance Journal:       PR Newswire:    Lexology:       IEEE Computer Soc

For a cost effective Cyber Audit Report on your organisation’s cyber security and training please contact Cyber Security Intelligence and we will recommend the right economic cyber training and cyber security audit policy for your organisation. 

You Migt Also Read:

Ten Reasons Why Senior Managers Need To Understand Cyber Security:

 

« Covid Vaccine-Maker Suffers Cyber Attacks
US Invests Big In Space Force Cyber Security »

Infosecurity Europe
CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

NordLayer

NordLayer

NordLayer is an adaptive network access security solution for modern businesses — from the world’s most trusted cybersecurity brand, Nord Security. 

Infosecurity Europe, 3-5 June 2025, ExCel London

Infosecurity Europe, 3-5 June 2025, ExCel London

This year, Infosecurity Europe marks 30 years of bringing the global cybersecurity community together to further our joint mission of Building a Safer Cyber World.

TÜV SÜD Academy UK

TÜV SÜD Academy UK

TÜV SÜD offers expert-led cybersecurity training to help organisations safeguard their operations and data.

ZenGRC

ZenGRC

ZenGRC (formerly Reciprocity) is a leader in the GRC SaaS landscape, offering robust and intuitive products designed to make compliance straightforward and efficient.

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

Datto

Datto

Datto delivers a single toolbox of easy to use products and services designed specifically for managed service providers and the businesses they serve.

IntelliGO Networks

IntelliGO Networks

IntelliGO Networks is a cybersecurity company focused on Managed Detection and Response (MDR).

IDnow

IDnow

IDnow is the world’s fastest, most flexible and most secure identity verification platform, delivering instant verification of the identity documents used by 7 billion people.

RangeForce

RangeForce

RangeForce delivers the only integrated cybersecurity simulation and skills analysis platform that combines a virtual cyber range with hand-on training.

Nucleon

Nucleon

Nucleon enables cybersecurity tools, organizations and software developers to become proactive by blocking threats before they become breaches.

Corelight

Corelight

Corelight is the most powerful network visibility solution for information security professionals.

OutThink

OutThink

OutThink is a web-based platform (SaaS) that has been developed specifically to identify and reduce risky workforce behaviours and build a risk aware culture.

WiJungle

WiJungle

WiJungle is an Indian Cyber Security Company that develops and markets a unified network security gateway solution.

Assertion

Assertion

Assertion secures your collaboration (UC/CC) systems from cyber risks. Enforcing the right set of controls and monitoring them continually brings down risk to acceptable levels.

EUROCONTROL

EUROCONTROL

EUROCONTROL is a pan-European, civil-military organisation dedicated to supporting European aviation. We help our stakeholders protect themselves against cyber threats.

CONCORDIA

CONCORDIA

Concordia is a Cybersecurity Competence Network with leading research, technology, and competences to build the European Secure, Resilient and Trusted Ecosystem.

X Technologies

X Technologies

X Technologies provide world-class engineering, information technology, information security, program management and repair services to Federal, State and commercial customers.

Nicoll Curtin

Nicoll Curtin

Nicoll Curtin is a global company with over 20 years of experience in connecting outstanding talent with industry leading companies within Technology, Change and Cyber Security.

Crayon

Crayon

Crayon is a customer-centric innovation and IT services company. We provide guidance on the best solutions for our clients’ business needs and budget with software, cloud, AI and big data.

Cambridge International Systems

Cambridge International Systems

For more than 25 years, Cambridge has been fighting bad actors in both the cyber and physical worlds.

Invary

Invary

Invary's expert Runtime Integrity solution, powered by NSA-licensed technology, verifies the security and confidentiality of your system.