Cost of dealing with cyber crime increased 56% in one year

HP and the Ponemon Institute recently released the Annual Cost of Cyber Crime Study which showed that the upward trend in the costs of cybercrime continues unabated. In fact, the median cost of dealing with cybercrime rose 56% to $5.9 million in just one year. As if businesses didn't already have enough to contend with in this climate.

 

And don't expect these costs to go down anytime soon. We've already seen what data breaches can cost organizations. Dr. Ponemon said it best: "As the sophistication and frequency of cyber attacks increases, so too will the economic consequences."

 

In 2010, it took an organization an average of 14 days and $250,000 to recover from a cyber attack. In 2011, that's already increased to 18 days and $416,000. Factor in the costs associated with noncompliance with governmental regulations and notifying customers of data breaches, and you're staring at a whopping number.

 

If possible, an even more disconcerting statistic is that the surveyed organizations on average experienced 72 successful attacks per week. That was a 45% increase from 2010. And in this day and age, sometimes all it takes is one attack to compromise your system completely.

 

Organizations once again face a choice. Pay now by implementing Secure Development Lifecycle practices in your development organization, or pay later by getting hacked.

Leave a Comment

We encourage you to share your comments on this post. Comments are moderated and will be reviewed
and posted as promptly as possible during regular business hours

To ensure your comment is published, be sure to follow the Community Guidelines.

Be sure to enter a unique name. You can't reuse a name that's already in use.
Be sure to enter a unique email address. You can't reuse an email address that's already in use.
Type the characters you see in the picture above.Type the words you hear.
Search
About the Author


Follow Us
The opinions expressed above are the personal opinions of the authors, not of HP. By using this site, you accept the Terms of Use and Rules of Participation