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The “2015 Cost of Cyber Crime,” an annual study released today by the Ponemon Institute reports that the cost of cybercrime to companies around the world is increasing rapidly, a rise that is only exacerbated by the sluggish average response time to these cyber attacks.
Nationally, the study examined 58 American companies with at least 1,000 computer network connections, and globally, it examined 252 companies from the U.S., U.K., Australia, Brazil, Germany, Japan and Russia.
2015 Cost of Cyber Crime Key Findings:
- On average, the cost of cybercrime to large American companies is $15.4 million per year, representing a 19 percent increase from 2014 and an 82 percent increase from the study’s inaugural findings in 2009
- The average cost of a single cyber attack on a U.S. company is $1.9 million
- Globally
- The average yearly cost of cybercrime has increased by 1.9 percent since last year
- In 2010, the average time to resolve cyber attacks was 14 days; in 2015 it’s 46 days
- The average number of successful cyber attacks per company was 68 in 2012, in 2015 that figure increased to 99
To combat these cyber intrusions, the report suggest the following courses of action:
- Employ Data Encryption and Protection and Application Security to minimize cyber attack damages
- Resolve attacks quickly with Security Information and Event Management (SIEM)
- Use Security Governance Practices and an Intrusion Prevention System to reduce attacks
The study affirms companies utilizing proper security resources have lower cybercrime costs than companies that do not invest in appropriate cyber security. Reduce the costs to your business by using the best resources and ensuring your company is safe from cybercrime.