The latest data from the Hiscox Cyber Readiness Report highlights an imbalance when it comes to the level of cyber expertise businesses in the US have versus their actions taken when a cyberattack occurs.Although being deemed as global “cyber experts,” US businesses are most likely to pay a ransom (as 71% of those targeted paid up).Phishing emails are the most common entry method for ransomware (60%), and businesses are still falling victim too often.

Let’s explore how organizations are experiencing cyber threats and how they are responding to increase their readiness for next time.It’s scary, but cyber attacks can wipe your business off the face of the earth.According to a security awareness and training solutions leader company, KnowBe4, from “indemnifying ransomware attacks costing nearly $2 million, to the cost of non-compliance to data regulations due to a cyber attack increasing, there’s no way to budget for the aftermath of a cyberattack.” Thankfully, it seems that businesses are getting smarter and spending more on cybersecurity.

The average organization now allocates 21% of its IT budget to cybersecurity – a big jump from around 13% in 2020.And, in looking at more Hiscox data, it makes sense why: The percentage of organizations experiencing a cyberattack rose from 38% to 43%.Of those experiencing an attack, 73% of them experienced more than one attack in the last year.Only 9% of organizations say they were able to defend the attack with no impact on operations.All kinds of cybersecurity training are available…even free IT security tools.Check out KnowBe4’s Free Tools webpage.

Their featured tool is a Browser Password Inspector.It will be important to plan on increasing spending on security awareness training – a key aspect of a mature cyber readiness program.You can see, it is necessary to empower your employees to act as a part of your cybersecurity stance.

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