Cybercrime Very Costly Per Year
Whenever risk is involved there is always an associated cost. The greater the risk the higher the cost and the fallout if the risk takes precedence. New research including forty five businesses and organizations within the United States discovered that various types of cyber crime, such as malware code, attacks originating from the web, and insiders including disgruntled employees accumulates a cost of just under four million dollars a year as an average and also yields a least one successful exploitation and attack every week. It took about seven months of research by the Ponemon Institute as well as actual visits to the enterprises comprising the research. The organizations included the compilation of government agencies in various industries. Save this document talking to personnel in a diverse mix the information was aggregated to ascertain how much it costs to fight against cyber crime exploits. Those conducting the research spent approximately a month with each organization. The just under four million dollar estimate is an average in some enterprises stated a low value a one million dollars to a high value of fifty two million dollars in a given year. The average expenditure is representative of what organizations spend on an annual basis in dealing with the breaches.
The various kinds of cyber crimes mentioned included the takeover of online bank accounts, the theft of intellectual properties, the distribution of malware related viruses, the actual posting of a business is confidential data on the Internet, and the disruption of an organization and its infrastructure. Those conducting the research also track the amount of time necessary to respond to a cyber attack, how it interfered with the day to day business operations and productivity, how much revenue was lost, how much property was physically destructed another related financials. There were situations when the attacks came in one after another, such as a denial of service attack and other times where specific organizations such as a financial institution was the main target. Organizations that suffered a higher cost include financial, energy, and defense businesses over companies in the area of services, education, and retail.
Businesses that installed a variety of defensive schemes and procedures such as information security management, and had some type of professional one staff such as an information security executive were more prepared and spend less time solving problems. Of the participants, approximately forty percent invested resources in this manner. The research discovered on an average, two weeks were necessary to act against a cyber attack that was successful. Each day in approximately cost just under eighteen thousand dolalrs to a business. Insider attacks of a malicious nature took almost a month and a half to deliver a resolution.
Even though the research does not have enough data to determine it is a characterization across all industries, it does give a viewpoint of how cyber crime affects and decreases the effectiveness and productivity of government agencies and companies within the United States. A statement from Ponemon says, “what was revealed as we discovered a lot of companies are not as organized as they should be in understanding the complete environment and situation they must deal with.” The Institute will continue to execute additional future studies in this area.
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