A recent Hiscox report indicated that 69% of U.S. companies are facing an increase in cyberattacks, surpassing the risks of bankruptcy. Business leaders see cyber threats, particularly ransomware and data breaches, as significant concerns. With an average of 62 incidents a year per business, many suffer from financial losses, and only a small percentage recover data after paying ransoms. Crucially, legacy systems and employee awareness are identified as major vulnerabilities. Amidst these challenges, 72% of companies are prioritizing cyber resilience in their strategies.
According to the report, U.S. business leaders consider cyberattacks and data breaches (32%) to be a bigger threat to their organizations than skills shortages (30%) and bankruptcy (27%).
Paying a ransom offers no assurance of full data recovery; in fact, only 7% of businesses who paid a ransom successfully retrieved all their data, and 10% experienced data leaks despite payment.
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