September 28, 2017

Survey: More than half of U.S. firms have been hacked

PHOTO | David Castillo Dominici at FreeDigitalPhotos.net
PHOTO | David Castillo Dominici at FreeDigitalPhotos.net
More than half of U.S. businesses have been hacked, according to a survey by The Hartford Steam Boiler Inspection and Insurance Co.

Fifty-three percent of U.S. businesses have been hacked in a cyber attack in the past year, according to a survey released Thursday by The Hartford Steam Boiler Inspection and Insurance Company (HSB).

Of those hacked businesses, 72 percent spent more than $5,000 to investigate each cyber-attack, restore or replace software and hardware and deal with other consequences, HSB, a part of Munich Re, said.

Thirty-eight percent of the hacked businesses spent more than $50,000 to respond: 10 percent spent $100,000 to $250,000, and 7 percent more than $250,000, the survey found.

A total of 403 senior business executives were surveyed by Zogby Analytics, an international research firm, which conducted the study.

"In addition to the rising number of cyber attacks and related costs, businesses are increasingly anxious about protecting their data," said Timothy Zeilman, vice president for HSB, which sells cyber insurance. "Data is what drives a business and the loss or corruption of information can be devastating."

Seven in 10 executives were concerned that data would be destroyed as a result of a cyber attack and 62 percent were concerned about equipment damage. And survey results backed up their worries: the most common consequence of cyber attacks was data loss (60 percent), followed by business interruption (55 percent).

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