European businesses are not prepared to handle a cyber attack

More than half of companies in the UK, US and Germany (53 percent) are not prepared to face a cyber-attack. This is according to a new report by specialist insurer Hiscox, which has polled more than 3,000 companies for the report.

The Hiscox Cyber Readiness Report 2017 looks at four areas -- strategy, resourcing, technology and process -- and ranks companies based on such criteria. Most companies score fairly well for technology, but less than a third (30 percent) reach the "expert" score in their overall cyber-readiness.

The report says 35 percent of UK businesses that were targeted in the past 12 months did nothing to protect themselves from future attacks. It also says that cyber-attacks don’t hit every company equally. The smaller the business, the harder the hit.

More than half (57 percent) say they were attacked at least once in the last 12 months, with 26 percent admitting to have been victims at least three times. One incident costs, on average, £42,779.

"With fewer than a third (30%) of businesses qualified as ‘expert’, our study reveals a worrying absence of cyber security readiness among business consumers," comments Steve Langan, chief executive, Hiscox Insurance.

"By surveying those directly involved in the business battle against cyber crime, this study provides new perspective on the challenges they face and the steps they are taking to protect themselves. But it also offers a series of practical recommendations for those businesses that still have work to do in tackling cyber risk. We hope it will contribute to a better understanding of what is needed to be fully cyber ready."

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