21-Nov-2022

Cyber Readiness Report 2022: Cyber Readiness of companies decreased by 2.6 percent

For the sixth consecutive year, the report provides an up-to-date picture of the cyber readiness of organizations worldwide and sheds light on the ever-evolving cyber risks.

Insurance services provider Hiscox has published its annual international Hiscox Cyber Readiness Report. The report is based on a survey of executives, department heads, IT managers and other key professionals from a total of 5,181 organizations of various sizes and industries across eight countries.

Cyberattacks remain number one risk

A key finding of the report: cyberattacks remain the number one risk for businesses. A majority of respondents ranked cyberattacks ahead of pandemics and inflation as the biggest threat to their own businesses. At the same time, the number of attacks continues to rise internationally: 48 percent of all companies surveyed worldwide say they have been the victim of at least one attack in the last 12 months - compared with 43 percent the year before. At the same time, the median total cost of cyber damage is highest in Germany, at 18,712 euros. At the same time, however, investments in cybersecurity have increased by 250 percent since 2019.

One of the most common entry points for attackers is the corporate cloud, attacks on corporate servers, and compromise of business emails. Ransomware remains one of the biggest threats, and paying ransom is not a solution: Only slightly more than half of companies worldwide that paid ransom were able to fully recover their data. 34 percent were only able to partially reconstruct their data, and for 15 percent, it didn't work at all. Overall, the report concludes that despite the ever-increasing threat landscape, cyber readiness has decreased by 2.6 percent. The Cyber Readiness Report makes it clear how important it is for companies and organizations to invest in IT security in order to remain business-capable. In particular, the fact that cyber readiness has fallen by 2.6 percent despite the rising threat level is alarming. Companies and organizations around the world urgently need to make improvements in this area in order to be able to look to the future with confidence. The biggest threat, ransomware, is obviously still underestimated by many. Effective protection against ransomware attacks is easy to implement, and securing Internet access is the most important step.

Increase cyber readiness with proactive security

Securing Internet access with a virtual browser is a simple but important step to effectively protect against ransomware attacks. The highly secure web browser R&S®Browser in the Box closes the "Internet" security gap via a digital quarantine for hacker attacks: The ransomware software is isolated before it can be executed. As a result, the malware does not have access to the workstation or sensitive network infrastructure at any time. This mechanism also protects against attacks via email attachments while providing support for web conferencing with microphone usage and webcam.

Another important step to increase one's cyber readiness is to secure digital communications. Network encryptors such as the R&S®SITLine product family ensure that confidential data is encrypted end-to-end in real time when it is transmitted over a computer network. The data is encrypted only during transmission, so that it is unencrypted at both the sender and the receiver. High-speed network encryptors provide secure protection against espionage and manipulation and ensure reliable and secure cross-location connections.

We would also be happy to advise you individually on how to increase the cyber readiness of your company or organization. We look forward to your call or email.

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Rohde & Schwarz

Rohde & Schwarz is striving for a safer and connected world with its Test & Measurement, Technology Systems and Networks & Cybersecurity Divisions. For 90 years, the global technology group has pushed technical boundaries with developments in cutting-edge technologies. The company's leading-edge products and solutions empower industrial, regulatory and government customers to attain technological and digital sovereignty. The privately owned, Munich based company can act independently, long-term and sustainably. Rohde & Schwarz generated net revenue of EUR 2.78 billion in the 2022/2023 fiscal year (July to June). On June 30, 2023, Rohde & Schwarz had around 13,800 employees worldwide.

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Networks & Cybersecurity

With its subsidiaries LANCOM Systems, Rohde & Schwarz Cybersecurity, and Rohde & Schwarz SIT, the group has bundled its expertise in one division. Know-how that is needed to become the largest provider of network and cybersecurity technology for companies, public authorities, and organizations in Europe.