The Cost of Cyber Crime - Slide 2

Share  
1  |  2  |  3  |  4  |  5  |  6  |  7  |  8  |  9  |  10  |  11  |  12
Next Next

Cyber crimes continue to be very costly for organizations. ArcSight found that the median annualized cost for 50 benchmarked organizations is $5.9 million per year, with a range from $1.5 million to $36.5 million each year per company. Last year’s median cost per benchmarked organization was $3.8 million. Thus, they observed a $2.1 million (56 percent) increase in median values.

The Second Annual Cost of Cyber Crime Study, sponsored by ArcSight, an HP company, is based on a representative sample of 50 organizations in various industry sectors. While the research focused on organizations located in the United States, many are multinational corporations. For consistency purposes, the benchmark sample consists of only larger-sized organizations (i.e., more than 700 enterprise seats).

Despite widespread awareness of the impact of cyber crime, cyber attacks continue to occur frequently and result in serious financial consequences for businesses and government institutions. Key takeaways from this report include:

  • Cyber crimes can do serious harm to an organization’s bottom line. The study found that the median annualized cost of cyber crime for the organizations in the study is $5.9 million per year, with a range of $1.5 million to $36.5 million each year per company. This represents an increase in median cost of 56 percent from the first cyber cost study published last year.
  • Cyber attacks have become common occurrences. The companies in the study experienced 72 successful attacks per week and more than one successful attack per company per week. This represents an increase of 44 percent from last year’s successful attack experience.
  • The most costly cyber crimes are those caused by malicious code, denial of service, stolen devices and Web-based attacks. Mitigation of such attacks requires enabling technologies such as SIEM and enterprise governance, risk management and compliance (GRC) solutions.

Similar to last year, the purpose of this benchmark research is to quantify the economic impact of cyber attacks and observe cost trends over time. ArcSight believes that a better understanding of the cost of cyber crime will assist organizations in determining the appropriate amount of investment and resources needed to prevent or mitigate the devastating consequences of an attack.

More Slideshows:


The State of Enterprise Mobility Mobile devices greatly improve employee productivity, but most organizations do not have a structure in place to support the devices.

Five IT Career Skills on the UpswingFive IT skills getting attention from recruiters.

Eight Rules for Investing in a New Accounting SystemTips on choosing the right accounting system for your business.

 

Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
More Slideshows

Security51-190x128 Six Security Predictions and Tips for SMBs in 2015

Small and medium-sized businesses (SMBs) are vital to the U.S. economy, yet they are often the most vulnerable when it comes to cybersecurity. ...  More >>

Global13-290x195 Six Reasons Why CES Should Scare the Hell out of Network Administrators

While the tech geek is busting at the seams with anticipation, the network admin is scared to death. All this technology results in bandwidth hoarding, security vulnerabilities and compliance concerns for IT departments. ...  More >>

WatchfulDataSecurity0x Tips for Securing Data in a Mobile World

Given the fluid nature of BYOD and related security issues, the next logical step is to approach the data's security independent of the device or location. ...  More >>

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 
Thanks for your registration, follow us on our social networks to keep up-to-date