The Real Cost of Cybercrime to Businesses - Maildistiller

Research conducted by Ponemon Institute shows that cybercrime costs UK businesses an average of ?2.1m per annum with costs ranging from ?0.4m to ?7.7m among those surveyed.?

The report shows that cyber-attacks are becoming more commonplace in today?s modern environment, with companies surveyed averaging one successful attack per week.? This is not surprising as the internet is now accessed by almost 2.5 billion people worldwide (35% of the global population), compared to just 360 million in December 2000, and the number of devices developed to facilitate access continue to grow. ??

The Specifics

The report found the most costly of attacks on businesses to be those caused by malicious insiders, denial of services, and malicious code which accounted for 44% of all cybercrime costs per business annually.? The US were more likely to experience these high cost cyber-attacks with the total average cost at ?5.5m ($8.9m), significantly higher than the UK total average cost ($3.2m), who were more likely to be subject to denial of service attacks.?

Furthermore, costs associated with revenue losses and the theft of information assets represent 53% of external costs; such as fines, litigation and the marketability of stolen intellectual property.? Industries that were subject to higher costs include those in the defence sector,?utilities and energy, and financial services.? In terms of internal costs, recovery and detection accounted for 55% annually, due to cash outlays and labour required to manage cyber threats.?

Timeliness ??

Results show that the longer a cyber-attack took to resolve, the higher the cost to the business.? The average time to resolve a cyber-attack was 24 days, with an average cost to participating organisations of ?135,744 over this 24-day period. Malicious insider attacks were shown to take more than 50 days on average to resolve.

Remedy

Findings show that companies who take preventative measures such as appointing a high-level security leader or certified or expert staff experience lower cybercrime costs than companies who have not implemented these practices. Average savings for those deploying good security governance practices was estimated at just over ?.3 million.

For tips on how to protect your business, check out our Top 5.

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Source: http://www.maildistiller.com/online-security/the-real-cost-of-cybercrime-to-businesses/

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