Average spending by businesses on cybersecurity tripled

A survey by insurer Hiscox Ltd. found that average spending by global businesses on cybersecurity more than tripled from 2018 to 2022, increasing from $1.47 million to $5.23 million as attacks were on the rise, IT Security Guru reported. Hiscox added that half of all companies surveyed suffered at least one cyber attack in 2022, up 11% from 2020.