Cyberattack Reports Surge To 61% in 2018, Insurer Reveals

Law360, London (April 23, 2019, 1:09 PM BST) -- There was a “sharp increase” in the number and the cost of cyberattacks in 2018, insurer Hiscox said on Tuesday, as it warned that more than three in five companies reported security breaches.

Some 61% of companies based in the U.K., the U.S. and Europe reported being hit by one or more attacks in 2018, compared with 45% during the previous 12 months, Hiscox said. Cybersecurity breaches are also costing businesses 61% more, the London-listed insurer said — companies lost $369,000 on average in 2018 after being attacked, compared with $229,000 in 2017.

The insurer warned that, despite the rise in attacks and...

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