Most German Firms are vulnerable to Cyber Attacks

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Hiscox Cyber Readiness Report 2021 states that most of the German firms are vulnerable to cyber attacks and are topping the list of the study group with a loss tally of $48 million. The report was compiled after analyzing data gathered from over 6042 companies operating across UK, US, Netherlands, Spain, Germany, France, Ireland and Belgium.

Researchers who conducted the survey concluded after gauging six key cyber security areas related to people, technology and processes.

Firms that qualified for the Hiscox Cyber Readiness model admitted that they suffered fewer ransomware attacks in 2019 when compares to the previous year. But most of them were targeted by the malware related attacks last year as almost 2/3rds of their workforce was functioning mobile and were never well prepared to counter digital invasions.

Report stats showed that the overall proportion of businesses that were targeted by cyber criminals in the past increased to 43% in 2020 from meager 16% in 2019. While 28% of firms experienced 5 attacks or more, one in every 6 businesses that was attacked admitted that they witnessed a serious financial impact on their business operations because of the cyber attacks.

Coming to the economic loss experienced by German firms, those businesses that had a head count of less than 10 employees witnessed a loss ranging from $8,000 to $22,000 per attack. And those doing a medium range of business experienced $30,000 to $90,000 loss and large-scale enterprises witnessed a loss ranging in millions.

Gareth Wharton, the CEO of Hiscox, said that cyber attacks are turning complex. But that does not mean that they are difficult to manage. He added that with risk management schemes, cyber insurance, threat monitoring solutions and with properly trained staff we can easily manage such cyber threats.

Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security