NEW YORK, NY, Feb. 06, 2018 (GLOBE NEWSWIRE) -- A study released today by specialist insurer Hiscox revealed that nearly three-quarters (73%) of firms face major shortcomings in cyber security readiness. The Hiscox Cyber Readiness Report 2018™, which gauges how prepared businesses are to manage cyber threats, surveyed department managers, IT specialists and key professionals at more than 4,100 small to large companies in the US, UK, Germany, Spain and the Netherlands. It assessed and ranked each organization according to its cyber security strategy and the quality of its execution. The US topped the list in cyber expertise, with 13% ranking as ‘cyber experts’ compared to 11% of global respondents. Almost half (45%) of businesses surveyed globally reported at least one cyber attack in the past year; two-thirds of those targeted suffered two or more attacks.
Among the key findings of more than 1,000 companies surveyed in the US:
“As threats become more advanced and sophisticated, cyber readiness is no longer a ‘nice to have’ but a ‘must have’ for businesses of all sizes,” said Dan Burke, Vice President and Cyber Product Head for Hiscox in the US. “There needs to be a dedicated investment, and not just a financial one, in order prevent, detect and mitigate cyber attacks. Beyond the allocation of funds, an organization must focus on its people, its thinking and its processes, in order to become a cyber expert.”
Becoming a Cyber Expert
To determine a firm’s cyber readiness, in a module proprietary to Hiscox, organizations in the five countries surveyed had to achieve a minimum score of 4.0/5 in four metrics to qualify as cyber experts. Here are the top factors that divide the cyber experts from the cyber novices globally:
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A full copy of The Hiscox Cyber Readiness Report 2018™ can be accessed at www.hiscox.com/cybersecurity.
About the study
Hiscox commissioned Forrester Consulting to assess organizations’ cyber readiness. In total 4,103 professionals responsible for their organization’s cyber security strategy were contacted (1,000 plus each from the UK, US, and Germany, and 500 each from Spain and the Netherlands). Drawn from a representative sample of organizations by size and sector, these are the men and women on the front line of the business battle against cybercrime. While all are involved to a greater or lesser extent in their organization’s cyber security effort, more than 30% make the final decision on how their business should respond. Respondents completed the online survey between October 12, 2017 and November 10, 2017.
About Hiscox
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2016 helped generate gross premiums written of £2,402.6 million and a record profit before tax of £354.5 million.
The Hiscox Group employs over 2,300 people in 13 countries, and has customers worldwide. Through the retail businesses in the UK, Europe and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re and ILS.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. This information is neither intended nor should be construed to be a solicitation for the purchase of insurance by any US person or entity. For further information visit www.hiscox.com.
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The content provided above is provided for general informational purposes, but is not intended, nor shall it be deemed, to be business, legal or insurance advice for any particular or specific person or entity.
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