SMEs to step up cyber defences as over half experience cyber attack in past year

Hiscox has reported 94% of SMEs surveyed are stepping up their cyber defences and are planning to boost their investment in cyber security over the next 12 months, as 59% of respondents said they experienced a cyber attack in the past year.

In the Hiscox Cyber Readiness Report, lifting the lid on the level of cyber risk facing SMEs, 70% of respondents said they were extending the cyber training they provide to employees over the next 12 months. Some 60% of respondents said they were hiring additional staff to increase cyber resilience.

The ripple effect of a cyber-attack is significant, Hiscox observed, with almost a third of respondents reporting a reduction in business performance indicators and 29% incurring increased costs