Annual losses from cyberattacks averaged $4.7 million in the last fiscal year — with more than one in 10 firms losing over $10 million —according to a new report from ESI ThoughtLab in conjunction with Willis Towers Watson and other organizations specialized in cybersecurity and risk management.

The study covered 467 firms across multiple industries in 17 countries revealing that companies worldwide expect to boost their cybersecurity investments by 34% in the next fiscal year, after raising them by 17% the previous year.