Study: Cyber Crime Costs Increase 56 Percent

Kara Reeder
Slide Show

Top 10 Cyber Security Threats of 2011 and Beyond

The next decade portends new threats that surpass those of years past in both intensity and impact.

According to a study conducted by the Ponemon Institute and sponsored by HP, the median cost of dealing with cyber crime is up to $5.9 million per year, a 56 percent increase over last year's cost of $3.8 million, reports CNET News. The average daily cost of attacks jumped from $17,600 in 2010 to nearly $23,000 in 2011, according to InformationWeek.

 

Attack frequency also has increased, up 44 percent with organizations experiencing an average of "72 discernible and successful cyber attacks per week." In terms of attack type, 100 percent of organizations reported being plagued with viruses, worms or Trojans, followed by malware (96 percent) and botnets (82 percent). Also included in the types of attacks were Web-based attacks, stolen devices, malicious code, and phishing and social engineering.

 

Cyber criminals have been keeping busy this year, with such notable attacks as "Operation Shady RAT" and the Sony PlayStation Network. PCMag.com quotes Dr. Larry Ponemon, chairman and founder of Ponemon Institute, as saying:

As the sophistication and frequency of cyberattacks increases, so too will the economic consequences ... Figuring out how much to invest in security starts with understanding the real cost of cyber crime.


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