Cybersecurity Challenges Facing Businesses Worldwide

Cybersecurity threats are escalating across various sectors, with healthcare and government at significant risk. A report indicates that global breaches could cost businesses $8 trillion in 2023, with healthcare facing nearly 20% of ransomware attacks, averaging $10.93 million per incident. In India, hospitals are improving cybersecurity practices, with 89% implementing third-party risk management, yet only 10% have comprehensive data privacy programs. Small and medium-sized enterprises (SMEs) in both the U.S. and Australia are increasingly vulnerable to cyberattacks, highlighting a disparity in security measures compared to larger corporations. There is a growing consensus that cyber liability insurance has become essential for business survival, particularly for SMEs. Experts call for enhanced collaboration among governments, insurers, and tech providers to bridge the cyber protection gap for smaller businesses.