UK firms are counting the cost of cyber attacks with costs rising by 36 per cent to almost £3 million according to a study released earlier today.
Ponemon Institute’s 2013 Cost of Cyber Crime Study looked at 36 UK-based organisations and found that the average annualised cost of cyber crime was £2.99 million – a rise of 36 per cent compared to 2012’s study.
This was mirrored by the fact that successful attacks are becoming more common with a rise of 16 per cent per week to 48 attacks for the 36 organisations surveyed. The nature of the attacks is similar across the board with some 55 per cent categorised as one of three things - denial of service, such as distributed denial of service attacks [DDoS], web-based attacks, or those caused by malicious insiders
“The threat landscape continues to evolve as cyber attacks grow in sophistication, frequency and financial impact,” said Frank Mong, VP and general manager of Solutions at HP Enterprise Security Products, the company that sponsored the study. “For the fourth consecutive year, we have seen the cost savings that intelligent security tools and governance practices can bring to organizations, 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.”
The study also looked at cyber crime on a global basis and found that the average annualised cost of cyber crime by the same sample was $7.2 million [£4.4 million] per year – an increase of 30 per cent since last year. Success of cyber attacks on a global basis rose 20 per cent to 1.4 successful attacks per company every week.
Cyber attacks have become increasingly prevalent in recent times with some methods becoming very popular with hackers. Data revealed that DDoS attacks rose dramatically in the first half of 2013 with their size, speed and complexity all increasing.