According to the latest Hiscox Cyber Readiness report, businesses are devoting more resources to the cyber challenge than ever before. This comes as the scale of the problem continues to both change and grow.
More firms were targeted by criminals in 2020 than in 2019, and those who needed to defend their business often did so several times. In fact, the survey found that 28% of the businesses that suffered attacks were targeted on more than five occasions in 2020.
Almost half of respondents said they felt their organisation had become more vulnerable to cyberattacks since the start of the pandemic. This rose to 59% among businesses with more than 250 employees.
However, there was an apparent knowledge gap among the smallest businesses surveyed. Just 31% identified the link between cyber vulnerability and COVID-19, signifying a lack of understanding of pandemic cyber scams.