Business Insurer reports that half of US businesses have suffered a cyber attack in the past 12 months

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SMEs are taking cyber security a bit too lightly according to a major business insurance broker. Hiscox Insurance annual Small Business Cyber Security Risk Report has found that small steps could help to counter “ever-evolving threats of cyber-attacks,” but companies need to do more to protect themselves and their brands. The report found that 44% of SMEs experienced either direct hacking, indirect data breaches or ransomware attacks. These incidents, on average, cost micro businesses around $34,604 and SME’s around $1.05 million. Hiscox believes companies need to invest in cyber insurance to help provide a balance alongside suitable cyber security software and technology-based countering solutions. Doing small things, like buying the right cyber insurance, could help SMEs save hundreds of thousands of dollars in the long run.

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