Cyberattacks Prompt Rising Insolvency Fears, Insurer Says | #cybersecurity | #cyberattack | #education | #technology | #infosec



By Joel Poultney (May 16, 2022, 5:22 PM BST) — One in five business owners surveyed by Hiscox Insurance in Europe and the United States said a cyberattack could leave them insolvent, and average cybersecurity spending has more than doubled in the past year, the insurer said Monday.

Hiscox, a global insurance company, detailed mounting fears among the 5,000 businesses in eight countries surveyed for its annual Cyber Readiness Report. Average cybersecurity spending was up 60% across the year to $5.3 million, an increase of 250% since 2019, the report said.

Nearly 90% of those surveyed considered cyberattacks as the most significant threat to their company’s financial health.

“Business owners will…

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