Cyber Attacks on the Rise: 67% of Businesses Hit in the Past Year, Says Hiscox Report

Cyber attacks are increasing around the world, with 67% of businesses saying they faced at least one attack in the past year. This is according to the newly released Hiscox Cyber Readiness Report 2024. The report shows that cyber threats are growing every year—up from 53% in the last report—affecting companies of all sizes across eight countries, including the UK, US, and Germany.

The study found that attacks are not only more frequent but also more advanced. About 66% of the surveyed companies said cyber incidents increased over the past year, and 17% were hit more than 50 times. These repeated attacks show how determined hackers have become.

The financial impact is also serious. Around 13% of affected companies reported losing between $100,000 and $499,000 from a single incident.

One of the main ways attackers gain access is through business email compromise. In the UK, 57% of attacks involved payment diversion fraud. The report also found that in 46% of cases, a staff member was the point of entry—proving that human error remains a big risk.

Even though more businesses are aware of cyber threats, many are still not ready. About 34% of business leaders said their companies are not well-prepared for an attack, and 26% said they lack the resources to handle cyber risks.

The damage isn’t just about money. Cyber attacks can also ruin a company’s reputation. The report says 61% of business leaders believe such damage could seriously harm their company, and 64% worry about losing customers and partners if they don’t keep data safe.

Those fears are becoming real. Of the companies that were attacked, 47% said it became harder to attract new customers, 43% lost existing ones, and 21% lost business partners.

To fight back, many companies are now focusing on employee training. Around 65% of leaders have increased cybersecurity training for remote workers, and 72% have hired a dedicated cybersecurity expert. Among large companies (with over 1,000 employees), that number rises to 97%.

With remote work becoming more common, over half of UK businesses say they feel more at risk. That’s why 35% of UK leaders now say protecting their reputation is a top reason for improving their cyber defenses.

The message is clear: cybercrime is growing, and businesses must act fast to protect their data, money, and trust.

Source: cybersecuritynews.com