In a scenario of growing cyber threats, 96% of Spanish companies have been targets of cyber attacks in the last 12 months, regardless of whether the attack was successful or just an attempt. These data come from the “Cyber Preparedness Report 2024,” presented by Hiscox, an insurer specialized in providing solutions for companies and professionals, which has been publishing this report for the eighth consecutive year.
The report highlights a significant increase in the frequency of cyber attacks, with two-thirds of Spanish organizations (66%) reporting an increase in the number of times they have been attacked. Only 12% of companies have experienced a decrease in these types of incidents.
The consequences are worsening: more ransomware and payment diversion fraud
Cyber attacks have not only intensified in number but also in severity. Among the most notable impacts is payment diversion fraud, which occurs when attackers fraudulently redirect funds through email. This type of fraud affected 55% of companies in 2024, compared to 38% the previous year.
Another type of attack that has gained prominence is ransomware, where an organization’s systems are locked and only released after a ransom payment. 38% of Spanish companies have been victims of ransomware in the last 12 months, a significant increase from the 23% recorded in 2023.
Additionally, Distributed Denial-of-Service (DDoS) attacks, where a company’s servers are flooded with malicious traffic until they stop functioning, have affected 51% of companies in the last year, up from 23% the previous year. Other serious consequences include misuse of IT resources (53%), non-ransomware virus outbreaks (46%), and the loss of encrypted and unencrypted data, which have also shown worrying increases.
The adoption of cyber insurance is growing significantly
In response to the growing threat, Spanish companies are adopting cyber insurance as a key protection measure. Hiscox’s report reveals that 52% of organizations have already purchased standalone cyber insurance, a significant jump from 30% the previous year. This type of insurance is designed to mitigate the costs and risks associated with cyber attacks, making it a crucial tool in today’s business environment.
Nerea de la Fuente, Director of Underwriting at Hiscox Iberia, emphasized the urgency of taking preventive measures: “The fact that almost all Spanish companies have been targeted by cyber attacks shows us that the cyber threat problem is a tangible reality. Given that the economic consequences can be devastating for business viability, it is essential to double efforts in prevention and training to better protect organizations.”
The “Cyber Preparedness Report 2024” makes it clear that cyber threats are not only more frequent but also more complex and costly to manage. In a landscape where attacks like ransomware and digital fraud are on the rise, cybersecurity has become a crucial priority for Spanish companies, seeking to safeguard their most valuable assets: data and business continuity.