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UK Firms Unprepared for Cyber Attacks, Finds New Study

Over half (53%) of firms in Germany, the US, and the UK lack sufficient resources to handle cyber attacks, according to a new study conducted for insurance company Hiscox.

The Hiscox Cyber Readiness Report 2017 assesses 3,000 businesses based on their preparedness in four primary areas – process, technologies, resourcing and strategy. While the majority of firms were awarded high marks in technology, less than one in three (30%) were considered ‘experts’ in overall cyber preparedness.

Close to half (49%) of ‘cyber experts’ (or top-ranked firm) are based in the US, with a significant leaning towards multinationals, as well as other large companies. Larger firms in the US are also targeted more frequently than other businesses, with 72% falling prey to an attack within the last year. Close to half (47%) of all firms in the US experienced an attack at least twice. Over half (55%) say they possess cyber insurance.

Firms in the US were the least likely victims of an attack within the last 12 months (45%). Over a third (35%), however, say that they haven’t made any changes, such as employing a cyber security consultant, after an incident.

Hiscox Insurance chief executive Steve Langan said:

“With fewer than a third of businesses qualified as ‘expert’, our study reveals a worrying absence of cyber security readiness among business consumers.”

Overall, 40% of businesses say that they possess cyber insurance. The US has the highest percentage at 55%, while close to two thirds (64%) of the top-ranked firms say that they purchased cyber risk insurance.