Cybercrime: A price on the rise

Cybercrime: A price on the rise

After 5 years, cybercrime is taking a larger toll than ever on organizations.

Cybercrime is costing 11.7 million dollars each year to organizations.

The “Cost of Cyber Crime Study”, which studied surveys in over 2,100 security and IT professionals in 254 organizations, revealed the price of cybercrime has risen over 60% in the last 5 years.

Barely one year ago, in 2016, the cost of cybercrime topped in 9.5 million, showing a violent blow upwards of 23% over the past year alone.

Data from the index proved a company can suffer 130 breaches per year, almost double of what a company could have been damaged 5 years ago.

Companies in the financial services and energy sector are the most vulnerable when it comes to a hit, as over 18 million dollars are at risk for the organization when this occurs.

U.S.A.: The largest cybercrime market

Research shows an average company suffers 130 #security breaches per year, up 27.4 percent over 2016. Image credit: Accenture

United States leads the list of the most affected countries by cybercrime, as 21.22 million are spent to resolve all types of cyber-attacks, according to Accenture and Ponemon Institute.

Australia, on the other hand, reports the lowest total average cost as 5.41 million are destined to reduce the impact of these crimes.

The United Kingdom faced its lowest change and Japan experienced the third highest increase in the survey.

The main impacts

Such research concluded that there are four main impacts that organizations see during an attack, these are:

  • Business disruption; this has decreased from 39% in 2015 to 33% in 2017.
  • Loss of information; mentioned by 43% of organizations represented in the study.
  • Loss of revenue; over one-third of global organizations who experienced a cyber-attack in 2016 registered more than 20% in revenue loss.
  • Damage to equipment; in terms of malware, just U.S. companies spend over 3 million per incident.

Data for the Ponemon Institute and Accenture was collected from 2,182 interviews conducted over a ten-month period from a benchmark sample of 254 organizations in seven countries – the US, United Kingdom, Australia, Germany, Japan, France and Italy.


About the Author:

Francisco Rodriguez Chapa
Businessman based in Mexico. He has been Management Director for Redpack and currently serves as the Chairman of the Board of Directors.
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