Cost of data breaches to global businesses at five-year high
Research from business insurer Hiscox shows that the cost of dealing with cyber events for businesses has more than tripled. Read this blog for an overview of the financial toll of cyber incidents and the best way to reduce your risk and limit impact.
Rising Costs of Cybersecurity
Research from Hiscox indicates that the costs of dealing with cyber events have more than tripled since 2018. The average spending on cybersecurity rose from approximately $1.47 million in 2018 to about $5.24 million in 2022.
Frequency of Cyber Attacks
According to the Hiscox 2022 Cyber Readiness report, half of the companies surveyed experienced at least one cyber attack in 2022, which is an increase of 11% from 2020. The Financial Services and Technology, Media, and Telecom sectors reported a minimum of one attack for three consecutive years.
Importance of Cybersecurity Culture
Alana Muir from Hiscox emphasizes that a proactive approach to cybersecurity is essential for reducing the likelihood and impact of cyber events. Creating a culture where employees are knowledgeable and prepared to respond can significantly help in minimizing damage to the organization.

Cost of data breaches to global businesses at five-year high
published by Hixardt Technologies, Inc.
Hixardt is a professional IT managed cybersecurity service provider, offering cloud managed services, virtualization, compliance, and support desk services. We specialize in email threat intervention, network intrusion protection, backup solutions, disaster recovery options, and compliance services to meet the demanding needs of commercial businesses, non-profit organizations, and state, local and federal government offices.
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