Cybersecurity Spend Is Now More Than 20% Of The Average IT Budget As 91% Of Organizations Suffering An Attack Had Operations Impacted

The latest data from the Hiscox Cyber Readiness Report highlights how organizations are experiencing cyber threats and how they are responding to increase their readiness for next time.

It’s official. Cyberattacks can and will wipe your business off the face of the earth. From remediating 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.

So, it seems that organizations are getting smarter and devoting more budget to cybersecurity. According to Hiscox, the average organization now devotes 21% of its IT budget to cyber security – a jump of 63% from around 13% of IT budget in 2020. Digging a bit deeper into the 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 12 months
  • Only 9% of attacked orgs say they were able to defend the attack with no impact to operations

Of those organizations deemed cybersecurity “experts” within the Hiscox report, 44% of them plan on increasing spend on Security Awareness Training – a key aspect of a mature cyber readiness program. With phishing emails seen as the initial method of entry by 65% of organizations experiencing an attack, it necessary for you to empower the end-user to act as a part of your cybersecurity stance.

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