It’s getting out of control!!!! That’s according to the latest Hiscox Cyber Readiness Report. Businesses are facing an unprecedented surge in cyberattacks, putting customer trust and brand reputation on the line. As attacks increase, companies struggle with lost customers, damaged reputations, and rising costs—forcing many to reevaluate their cyber defenses and cyber liability insurance. This is how bad it’s getting:
– Cyber Incidents Rising: 67% of organizations globally and 70% in the UK reported a surge in cyber incidents over the past year.
– Impact on Customer Trust: Nearly half of impacted businesses face challenges attracting new customers, up significantly from 20% last year.
– Customer & Partner Loss: 43% of companies lost customers due to attacks, while 21% lost business partners, with both figures increasing sharply from 2023.
– Ransom Decisions Linked to Reputation: To protect their image and data, many companies paid ransoms, though only 18% fully recovered their data.
– Importance of Cyber Education: Continuous cybersecurity education is essential to safeguard reputation, says Hiscox’s chief information and security officer Eddie Lamb.
– AI Raises Cyber Risk: 70% of organizations have adopted Generative AI, with over half acknowledging its impact on their cyber risk profile.
– Skills Shortage in Cybersecurity: 34% globally, and 37% in the UK, cite lack of expertise as a barrier to effectively managing cyber risks from emerging tech.
– Cybersecurity as an Innovation Enabler: 26% of companies now view cyber risk management as crucial for fostering innovation, positioning it as key to their future success.
At Churchwell Insurance Agency, a veteran-owned and privately held firm, we understand the critical role of cybersecurity in protecting both your reputation and your bottom line. Our dedicated team specializes in comprehensive, customized coverage solutions to safeguard against evolving cyber risks, so you can focus on what you do best—building your business. With access to over 100 markets, we’re ready to help you navigate today’s complex cyber landscape with confidence and resilience.
Reach out to us today at 844-604-1357 or visit www.ChurchwellAgency.com to discover how we’re protecting what our client’s are building with cyber liability and cyber loss controls!
