According to the 2013 Cost of Cyber Crime Study conducted by the Ponemon Institute on behalf of HP, the cost, frequency and time to resolve cyber attacks is all on the rise for the 4th year in a row.
According to the study, which will release the findings in full later this month, the average annualized cost of cybercrime per organization incurred by the sample group in the US was $11.56 million, a 78% increase from the first study 4 years ago and a 26% increase over 2012. The average cost to resolve a single attack is more than $1 million. During this same time period, the time to resolve a cyberattack incident has gone up 130% to an average of 32 days.
"The threat landscape continues to evolve as cyberattacks grow in sophistication, frequency and financial impact." - Frank Mong, vice president and general manager, Solutions, Enterprise Security Products, HP
According to the report, the increases cybercrime can be attributed to the growing sophistication of cyber attacks, with specialized adversaries that are now willing to work collaboratively to obtain sensitive data and disrupt enterprise functions. Hacktivism and cyberwarfare have grown to be more commonplace. The report shows that organizations experience an average of 122 successful attacks per week, up from 102 in 2012.
Organizations using security intelligence technologies and deploying enterprise security governance practices see millions of dollars in cost savings per year, showing a high ROI in these technologies. Just as important as implementing the right technologies, Ponemon notes that enterprises that have a chief information security officer (CISO) had consistently lower cybercrime costs, indicating that people and processes are just as key as technology.
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