According to the Ponemon Institute’s Cost of Cyber Crime report – the overall, the cost of cyber security for companies rose 22.7 per cent last year to an average of $11.7m, mainly due to a rising number of security breaches. The price of a cyber attack varies significantly depending on the kind of breach a company suffers, a company’s size, industry and country, and how well prepared it was for an attack. The number of breaches is up an average 27.4 per cent year on year, The report was based on 2,182 interviews from 254 companies in seven countries. lia Kolochenko, CEO at High-Tech Bridge commented below.
lia Kolochenko, CEO at High-Tech Bridge:
Wide availability of ready-to-use cybercrime frameworks such as Ransomware-as-a-Service, virtually untraceable crypto currencies and the overall low level of corporate cybersecurity create perfect conditions for cybercrime to grow. Meanwhile, law enforcement agencies struggle with the continuous lack of competent personnel, scant financing and skyrocketing volume of incidents. If nothing changes, we will likely see uncontrolled growth of cybercrime in the near future.”