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October 9, 2013

Average cost of cybercrime grows 26% in 2013

Average cost per organisation was $11.56 million per year.

By CBR Staff Writer

The average cost of cybercrime for companies grew 26% to $11.56m in 2013, compared to last year, according to a study by the Ponemon Institute and HP Enterprise Security Products.

The report found that the average annual cost of cybercrime for US-based organisations increased 78% since the first report was published four years ago.

The time taken to resolve a cyberattack rose by about 130% compared to the past four years, while the average cost to resolve a single attack was over $1m.

HP Enterprise Security Products VP and general manager Frank Mong said that the threat landscape continues to evolve as cyberattacks grow in sophistication, frequency and financial impact.

"For the fourth consecutive year, we have seen the cost savings that intelligent security tools and governance practices can bring to organisations and as HP, we are committed to continuing to deliver both industry-leading solutions and research to further disrupt the threat life cycle of the adversary," Mong added.

The research also revealed that organisations experienced an average of 122 successful attacks per week, an increase from 102 attacks reported in 2012.

The companies using security intelligence technologies were said to be more successful in detecting and stopping cyberattacks by spending an average of $4m per year, producing a 21% return on investment (ROI) over..

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Ponemon Institute chairman and founder Larry Ponemon said:"Based on real-world experiences and in-depth interviews with more than 1,000 security professionals around the globe, the Cost of Cyber Crime research provides valuable insights into the causes and costs of cyberattacks," Ponemon added.

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