More than 61% of companies experienced digital attacks last year, up 45% on 2017, Hiscox says in an annual cyber-readiness report.

The increase suggests a “new intensity” in attacks, which are increasing in terms of both frequency and cost.

Nearly one-quarter of the businesses surveyed suffered a virus or worm infestation, and 17% a ransomware attack. The proportion of businesses that experienced at least four attacks increased to 30% from 20%.

Affected companies lost about $US369,000 ($525,245) on average, up 61% on 2017.

Among the seven economies studied, US companies are the least likely to suffer attacks, while those in Belgium are most vulnerable.

UK businesses have the smallest cyber-security budgets, averaging less than $US900,000 ($1.28 million), below the group average of $US1.46 million ($2.07 million).

About 72% of US businesses plan to raise their security spending, the highest proportion among the seven economies. Two-thirds of respondents plan to increase the budget for cyber security by at least 5% this year.