Cybercrime Costs US Firms $3.8 Million Each A Year

A recent study of 45 US firms has shown that on average, the companies lost $3.8 million every year as a result of cybercrime.

The poll, conducted over the five months to 23 June by security firm ArcSight and IT research organisation the Ponemon Institute, involved interviews with IT security experts at companies with 500 or more employees.

The results highlight the threats US companies deal with each year. On average, 50 successful cyber attacks were carried out against the companies every single week, amounting to losses of between $1 million and $52 million every year.

Speaking to eWeek, Larry Ponemon, chairman of the Ponemon Institute, said: “The reason why some attacks differ in cost is the relative difficulty in properly finding the attack [stealth] and ensuring that it is properly fixed. For instance, malicious code issues are harder to find and resolve than botnets and malware.”

According to the study, the majority of cyber threats faced by US organisations include property theft, virus distribution, the leak of confidential information and financial fraud.