More firms targeted, often multiple times. This year’s report underlines the scale of the cyber challenge. But it also offers good news. Despite the difficulties presented by the Covid-19 pandemic, firms have intensified their fightback by devoting more resources and focus than ever to cyber resilience.
At the start of the pandemic, the majority of businesses put the simple need to carry on functioning ahead of everything else. The concern was that with IT budgets being squeezed, spending on cyber security would be cut. This report shows that was not the case. Spending on cyber has soared. Many firms have effectively moved their entire business online.
As a cyber insurer, we know this has not only lifted awareness of the cyber challenge but moved the conversation about security to the forefront of decision-making.