American businesses may not be as cyber-ready as they think, according to research from Hiscox's second annual Cyber Readiness Report.
According to the study, 7 out of 10 firms globally fail to prepare for a cyber attack, despite 69% of companies ranking the threat of a cyber-attack as a top risk to their businesses alongside fraud. The report also found that large U.S. businesses lose an average of $1.05 million to cyber crime annually.
The report surveys managers and IT specialists at over 4,100 companies in the U.S., U.K., Germany, Spain and the Netherlands to gauge how prepared businesses are to manage cyber threats.
Hiscox says the U.S. may lead the way globally in cyber readiness, but only 13% of U.S. companies analyzed could be qualified as a "cyber expert." Even in the wake of countless cyber breaches over the past year, companies around the world don't appear to be taking appropriate action.
Watch the video above for key findings from the 2018 Hiscox Cyber Readiness Report.
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