The logistics and transport sector leader in cyber security

Data from the third edition of the Hiscox – Cyber ​​Readiness Report 2019 study, presented by Hiscox – insurance company specialized in insurance for companies – in collaboration with Forrester Consulting, reveal that the Spanish logistics and transport sector is a world leader in security investment cybernetics.

The study analyzes the situation in seven countries: Belgium, France, Germany, Holland, Spain, Great Britain and the United States.

The first finding that the data shows is that the crime has increased a lot during this last year. 61% of companies acknowledge having suffered some kind of cyberattack. Compared to 45% the previous year. Among small businesses, those with less than 50 employees, cyber attacks increased by 75.00%.

The data also shows that 67% of Spanish companies that have been studied in this report, plan to increase their cybersecurity budget in the next 12 months, 6 points more than in 2018, which was 61%.

Among the countries that are part of the study, only EE. UU. (72%) and Great Britain 70%), provide for higher growth.

In Spain, the logistics and transport sector dedicates 12.6% of its annual IT budget to cybersecurity. Four points above the average of companies in other sectors (8.6%). Positioning slightly above companies in the same sector in other countries (12.2%).

62% of Spanish companies engaged in logistics and transport activity claim to have a defined cybersecurity strategy, compared to 57% of companies in other sectors or industries.

The report also reveals that, the Spanish companies analyzed are those that offer the best results in the times of managing a cyber crisis. It takes 86% more than an hour to know that you have suffered a cyberattack. Once the incident is detected, 49% of companies take more than 5 hours to stop it, and 1 in 3 (33.33%) takes more than 8 hours to return to normal activity.

Once the crisis management is finished, 26% do not take any type of action after the incident.

The most common incidents are, first, computer virus attacks, which have affected 23% of companies. The second place is taken by ransomware attacks, with 12% of companies affected and security breaches with loss of customer data with 12% as well. Followed, distributed denial of service attacks (8%); security breaches with loss of employee data (8%), and lost or stolen equipment with sensitive data (4%).

The report mentions the main reasons that lead Spanish logistics and transport companies to hire cyber insurance. The main reason, for 43% of companies, is «to access an incident response solution and crisis management». For 36% of companies, it is the “previous experience of the insurer. And thirdly for 29% of companies, the reason is to “protect themselves financially.

Here we leave the link to the study.