The most popular and comprehensive Open Source ECM platform
Let us know more
Cyber Security: Cybercrime Costs Rise as Frequency of Threats Increase
The cost of cyber crime to businesses is rising rapidly. The Ponemon Institute estimates that a sample benchmark of US companies will be hit with costs of $11.56 million in 2013, a 26 percent increase over 2012.
The three most frequently occurring types of crimes, and which in total represent about 55 percent of all cyber crimes, are:
- Denial of service attacks
- Attacks from insiders
- Web-based intrusions.
But the most expensive cyber crimes are information theft and business disruption.
Larry Ponemon, founder and chairman of the Ponemon Institute, said that a successful attack is “less likely to be a simple malware-based attack [and is] much more likely to be an attack that is focused on an objective like the exfiltration of sensitive or confidential information.”
On average, a single cyber attack takes businesses 32 days to analyze and resolve, at the cost of about $32K per day. While the costs of cyber crimes to smaller businesses typically are considerably smaller than for larger businesses, the cost per employee at smaller businesses is higher.
The Ponemon study suggested ways that businesses can reduce the high costs of cyber crime. Their recommendations include the use of advanced security intelligence tools like security information and event management (SIEM), network intelligence systems, and big data analytics.
