The latest Hiscox Cyber Readiness Report reveals that 67% of worldwide organisations and (70% in the UK) have encountered an increase in cyber incidents over the 12 months. The rise in cyberattacks is increasingly threatening business reputations and brand trust, with 47% of affected businesses globally (46% in the UK) struggling to attract new customers.
The numbers represent a stark increase from just 20% in the previous year. The report also notes a significant increase in other negative impacts, including 43% reporting a loss of current customers compared to 21% in 2023 and 38% citing negative publicity in 2024, up from 25%. Concerns about reputational damage have also driven many businesses to pay ransoms, primarily to protect customer data and uphold their reputations; however, only 18% of those who paid ransoms successfully recovered their data.
Eddie Lamb, chief information and security officer at Hiscox, underlined the critical importance of reputation management, saying that businesses invest a substantial amount of time and resources into building their reputation, which can be wiped away in a flash by a cyberattack. Lamb urged companies to continually foster a culture of cybersecurity education, ensuring all employees understand their role in maintaining the organisation's security.
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