The Cost of Cyber Crime

 

Cyber Crime can be extremely expensive to companies who sadly fall victim. Cyber crime not only has an upfront cost to fix, but many times cyber crime can affect the end consumer of a business. A cyber crime can ruin a companies credibility and relationship with their end consumers. When this happens, the business is not just faced with the cost of fixing the issue but also how this can effect their future endeavors. So howmuch are these malicious attacks costing the various businesses and corporations around the planet?

According to the business consultant firm Accenture, cyber crime has increased over 23% over the past year and shows absolutely no sign in slowing down. The company decided to get the information from a poll conducted to over 2,100 global organizations. The report shows that if the cost of cyber crime would spread out it would average to about $11.7 million per business

The study then separated the cost by industry and country, it found that the most hard hit firms were in the financial and energy industry. Financial services suffered a loss of $18 million while energy followed closely at $17 million. When the study looked at various numbers for different countries. It found that US firms incurred the highest average cost of any other country at a whopping $21 million with the lowest being Australia at $5 million. The statistics also showed that on average each firm suffered about 130 breaches/network or system infiltration’s each year.

“The U.S. incurred the highest average cost for business who fall victim to cyber attacks.”

The most interesting find in the article is how long it took for these firms to recover from various attacks. The study stated that attacks by malicious insiders took an average of 50 days to resolve while ransomware attacks took over 23 days. The time being spent to fix these issues has caused a huge ramp up in prevention for cyber attacks. Companies are now adopting a more dynamic security strategy that builds resilience from the inside out instead of only focusing on a border wall that will not let anything in.

It is becoming increasingly important for business of all sizes and industries to prepare and be pro-active about their business and IT network. A cyber security problem is one that no company can afford to have when there are many other important and critical business tasks that need to be done. The director of Accenture Security stated that security investments in the right areas can make a difference in reducing costs and preventing potential hazards.