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HSB cyber survey shows half of U.S. businesses hacked
View our infographic on rising cyber attacks and costs
More than half of U.S. businesses (53 percent) experienced a cyber attack in the past year and 72 percent of the targeted businesses spent more than $5,000 to investigate each incident, HSB’s latest survey of data and information risks shows.
“The loss of information can be devastating”
“In addition to the rising number of cyber attacks and related costs, businesses are increasingly anxious about protecting their data” said Timothy Zeilman, vice president for HSB, a leading provider of cyber insurance. “Data is what drives a business and the loss or corruption of information can be devastating.”
Some businesses spent $100,000 or more
The nationwide poll of businesses by Zogby Analytics for HSB found that more than a third of the hacked businesses (38) percent spent more than $50,000 to respond: 10 percent spent $100,000 to $250,000, and seven percent more than $250,000.
Click here for an infographic that details the results of HSB’s cyber survey.
They worry about data loss and equipment damage
Seven in ten executives were concerned that data would be destroyed as a result of a cyber attack and 62 percent were concerned about equipment damage.:
HSB’s survey shows why they should
The survey results backed up their worries: the most common consequence of cyber attacks was data loss (60 percent), followed by business interruption (55 percent).
Malware and viruses the biggest threat
Malware (53 percent) and viruses (51 percent) were the most common types of cyber attacks, followed by distributed denial of service (DDoS) attacks (35 percent) and ransomware (29 percent).
Employees seen as a bigger risk than hackers
When asked to identify the biggest risk to cyber security, the respondents cited negligent and disgruntled employees (45 percent) and hackers (37 percent).
More businesses purchasing cyber insurance
Increasingly, businesses are looking for financial protection against cyber attacks. Almost two-thirds of companies (61 percent) purchased or increased their level of cyber insurance coverage over the past year, and 56 percent of them purchased cyber insurance for the first time
HSB offers a full range of cyber coverages
HSB’s Cyber Suite is coverage designed to help businesses respond to a full range of cyber exposures, including data breach, computer attacks, cyber extortion, cyber-related litigation, and more. Visit Our Website for more information on our cyber insurance coverage and services.