Some cybersecurity statistics

• Based on its analysis of the cybersecurity strategy and execution plans of more than 4,000 companies, the Hiscox Cyber Readiness Report 2018 revealed that 73% are not adequately prepared to face a cyberattack. This is despite the fact that the estimated financial costs incurred by organizations that suffered attacks in the past 12 months reached an average of $229,000, with some larger companies at the top end of the scale seeing costs as high as $25 million. Almost 60% of the organizations surveyed are planning to increase their cybersecurity budget in the next year, however, with the greatest investment focused on new technology, employee training and cybersecurity staff. Many companies are also considering standalone cyber insurance, with 33% reporting that they have such coverage and 25% planning to purchase it in the next 12 months. Hiscox suggested that cyber insurance adoption rates could change, however, once the EU’s General Data Protection Regulation goes into effect in May. Overall, 62% of respondents consider ensuring GDPR compliance to be a top priority. Source:  Assessing Cyber Readiness.
• As ransomware continues to dominate the corporate cyberrisk agenda, research firm CyberEdge Group found that 55% of organizations were compromised by ransomware last year. This actually marks a decrease from 2016, when 61% of respondents had suffered a cyber extortion attack. According to the company’s fifth annual Cyberthreat Defense Report, only half of those who paid ransoms confirmed successfully recovering their data, while the other half saw complete data loss. “Got a coin? Flip it to see if you’ll get your data back after paying a ransom associated with ransomware. That’s just plain scary,” said Steve Piper, CEO of CyberEdge Group. “Of those victims that refused to pay the ransom (61%), the vast majority (87%) recovered their data from backups. This just underscores how important it is to incorporate a sensible data backup strategy as part of an organization’s cyberthreat defense strategy.” For the first time in five years, the firm also saw a decrease in the percentage of organizations affected by successful cyberattacks, though the slip from 79% in 2016 to 77% in 2017 still leaves an alarming incidence rate. Source: Only Half of Ransomware Payouts Result in Data Recovery.
• Finally: A User’s Guide to Data Breach Insurance Coverage.