Cost Of Cyber Crime Rises Rapidly As Attacks Increase – Ponemon/Accenture Report

By   ISBuzz Team
Writer , Information Security Buzz | Nov 15, 2017 03:15 pm PST

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:

“The cost per breach is amorphous these days. It’s almost impossible to calculate it precisely, as in many cases, the damage is virtually everlasting. For example, the LinkedIn breach still causes new incidents in password reuse attacks. Many companies have a completely different approach on cost per breach calculation, while all of them have a solid rationale for their calculation methodology.

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.”

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