94% of SMEs plan to increase investment in cybersecurity
01/10/2025 | Hiscox
New research by insurance underwriters Hiscox reveals a challenging and evolving risk landscape for small and medium-sized enterprises (SMEs). The 2025 Hiscox Cyber Readiness Report, which surveyed over 5,700 businesses in the UK, USA, France, Germany, Spain, Ireland, and Portugal, found that 59% of SMEs experienced a cyberattack in the last year, with 33% subsequently incurring substantial fines. Ransomware remains a significant threat, affecting 27% of businesses, with 80% of those affected paying a ransom. However, only 60% of businesses fully recovered their data.
Artificial intelligence (AI) is reported as a source of vulnerabilities by 57% of respondents, while 65% view AI more as an opportunity. In response to escalating threats and regulatory requirements, such as the General Data Protection Regulation (GDPR), 94% plan to increase cybersecurity investment, with 70% updating employee training. Furthermore, 71% of companies believe firms should be required to disclose details of any ransom payments made.
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