Cyberattacks are getting increasingly costly to businesses

Having proper cyber security for your company might seem costly, but when you hear how much a cyber-breach can cost you, you’ll realise that you’re actually paying pennies.

According to a study, commissioned by Hewlett-Packard and done by Ponemon Institute, the average cost of a cyberattack across seven of the world’s most developed countries has increased to £5 million in 2015, and it takes approximately 46 days to resolve it.

The study looked at 1,928 cyberattacks across 252 companies in seven markets including Germany, Brazil, U.S., U.K, and the Russian Federation, to measure the total cost.

So for example, the average annual cost of cybercrimes in Japan is £4.44 million, which represents a jump of 14 per cent. Australia, this figure increased 13 per cent to £2.26 million.

HP noted that cybercrime costs varied according to the size of the organization, with smaller companies incurring a significantly higher per capita cost compared to large enterprises.

The report also said it took businesses more time to resolve a cyberattack this year, than it took them last year. In Average, Australia took 31 days to do so, representing a significant eight-day increase. Japan took 26 days, which is one day more than last year.

Malicious insider attacks took longer to resolve, with companies in Australia requiring an average of 50 days and Japan needing 37 days.

DDoSing is still king of malicious attacks, with Australia seeing 38 per cent of its entire cost going to DDoS. In Japan, data theft was the highest external cost at 48 per cent of the total cost, followed by costs associated with business disruption.