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Cyber Crime Clean-up Cost Increases by 56%

A new study has revealed that the median cost of cybercrime in on the rise, 56 percent to be precise, and costs companies an average of $6 million a year.

The shocking revelation which was announced yesterday has come from the analysts at Ponemon Institute, through its Second Annual Cost of Cyber Crime Study, backed by HP ArcSight.

According to Ponemon, its report is based on the information provided by 50 US based small/medium to large businesses.

“Instances of cybercrime have continued to increase in both frequency and sophistication, with the potential impact to an organization’s financial health becoming more substantial,” said Tom Reilly, vice president and general manager, Enterprise Security

“Organizations in the most targeted industries are reducing the impact by leveraging security and risk management technologies, which is grounds for optimism in what continues to be a fierce fight against cybercrime,” he added.

The report brings out another startling point wherein the organisations which were surveyed experienced about 72 successful attacks per week which is a straight 45% increase compared to last year.

Security Information and Event Management (SIEM) solutions proved to be a cost saving investment in the long run as it helped organisations to quickly detect and control cyber-attacks.