Hiscox is a leading provider of Cyber Insurance worldwide. This is their 3rd Cyber Report, which can give an interesting perspective in trends from prior years.
The number of firms reporting a cyber-attack has increased from 45% in 2018 to 61% in the 2019 report. Some of the key takeaways from the 2019 report are:
1. Cyber readiness fell from 11% to 10% for this report
2. Cyber average losses increased 61% to over $369,000
3. For small firms, average cyber losses increased from $3000 in 2018 to $9000 in the 2019 report
4. Nearly 66% of firms experience a cyber incident in their supply chain in the 2019 report
5. Three out of five firms reported a cyber-attack
6. For small firms the number reporting attacks went from 33% in the prior report to 47%
7. Most firms are increasing the amount spent on cyber defenses
Good news for the USA is that they had the lowest percentage of reported attacks at 53% of the firms compared to the other countries that were part of this survey. But this was an increase from 38% in the prior year’s report.
For more information you can go to the Hiscox Website or
To read the entire Hiscox 3rd Cyber Readiness report as a PDF
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Lee Norcross, MBA, CPCU
Managing Director, CEO
(616) 940-1101 Ext. 7080