New research from Hiscox has shown that the proportion of British businesses reporting cyber-attacks has increased, despite most firms admitting that they are under-prepared for data breaches. There has also been a 61% increase in the amount of money that businesses are losing due to breaches, soaring from £176,000 in 2018 to £283,900 in 2019.
Paolo Sartori, Managing Director of TransWorldCom, provided the following commentary:
"We have long been told that businesses and individuals alike need to be planning ahead of hacks and the ensuing data breaches, but with hackers becoming more creative it seems our cyber security needs to be improved across all industries. Businesses simply cannot risk cutting corners when it comes to data and cyber security protection.
“While companies normally have excellent and secure cyber security, it is only as strong as the security measures of individual employees, as malicious emails can penetrate even the most robust protection measures. In terms of ensuring that data is safe and secure for the future, there needs to be a concerted effort to educate individuals against the full scope of data threat.
“Personal and professional cyber security go hand-in-hand, a chain is only is strong as its weakest link and employees succumbing to fake emails, for example, leave a whole business exposed."