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Technology / Cybersecurity

A serious security breach could cost large firms $649k

The average cost incurred by large organisations when hit with a serious cyber attack could be about $649k, a new report has suggested.

The 2013 Global Corporate IT Security Risks survey, which has been jointly conducted by B2B International and Kaspersky Lab, involved only incidents that had occurred in the earlier 12 month-period and covers damage resulting from the incident itself and unplanned ‘response’ costs.

According to the research firms, majority of losses incurred by firms are due to incident itself, which involves lost opportunities and profits, in addition to payments to third-party remediation specialists.

The joint survey also reveals that the costs of a cyber-attack against small and mid-sized enterprises are less when compared to large organisations, with the average loss occurring from IT security incidents for mid-sized firms reach approximately $50,000,

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In some cases, the survey revealed, the financial losses incurred by small firms are joined by other losses that amount to about 5% of annual revenues.

This article is from the CBROnline archive: some formatting and images may not be present.

CBR Staff Writer

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