[caption id="attachment_1203" align="alignleft" width="300" caption="Cybercrime Costs Rising"]
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Cybercrime cost corporations 56 percent more this year than last, according to an annual study from the Ponemon Institute and sponsored by ArcSight, an HP company.
"Cybercrimes can do serious harm to an organization's bottom line," said the study, which found that the median cost related to cybercrime to the 50 companies in the survey was $5.9 million.
Larry Ponemon, founder and chairman of the Traverse, Mich., company that bears his name, explained that there have been several root causes for the bump up in the cost of cybercrime. "Sophisticated stealthy types of cybercrime are happening more frequently," he said.
When the study was done last year, he explained, more visible forms of cybercrime dominated the mix - viruses, worms, Trojans, malware and botnets. "Now we're seeing more insidious kinds of attacks like phishing emails, social engineering, malicious code, denial of service, stolen devices, Web-based attacks and malicious insiders," he observed.
"Those are more costly to deal with," because it takes more time to clean them up, he said. Last year, when more conventional cybercrime tools dominated the landscape, it took an average of 14 days and $247,744 to clean up an attack. This year, with a jump in stealthy tactics, that average increased to 18 days, and the cost climbed to $417,748.
The most important step any organization can take to offset these rising costs and to increase cyber security is implement a program of Internet Security Awareness Training. For more information on this type of training visit www.knowbe4.com and try our free online phishing security test to see how phish-prone your employees areits a great way to assess the security savvy of your employees.
For more details on this story click here: Cybercrime Fight Costing Companies More This Year
Stu Sjouwerman
KnowBe4
[/caption]Cybercrime cost corporations 56 percent more this year than last, according to an annual study from the Ponemon Institute and sponsored by ArcSight, an HP company.
"Cybercrimes can do serious harm to an organization's bottom line," said the study, which found that the median cost related to cybercrime to the 50 companies in the survey was $5.9 million.
Larry Ponemon, founder and chairman of the Traverse, Mich., company that bears his name, explained that there have been several root causes for the bump up in the cost of cybercrime. "Sophisticated stealthy types of cybercrime are happening more frequently," he said.
When the study was done last year, he explained, more visible forms of cybercrime dominated the mix - viruses, worms, Trojans, malware and botnets. "Now we're seeing more insidious kinds of attacks like phishing emails, social engineering, malicious code, denial of service, stolen devices, Web-based attacks and malicious insiders," he observed.
"Those are more costly to deal with," because it takes more time to clean them up, he said. Last year, when more conventional cybercrime tools dominated the landscape, it took an average of 14 days and $247,744 to clean up an attack. This year, with a jump in stealthy tactics, that average increased to 18 days, and the cost climbed to $417,748.
The most important step any organization can take to offset these rising costs and to increase cyber security is implement a program of Internet Security Awareness Training. For more information on this type of training visit www.knowbe4.com and try our free online phishing security test to see how phish-prone your employees areits a great way to assess the security savvy of your employees.
For more details on this story click here: Cybercrime Fight Costing Companies More This Year
Stu Sjouwerman
KnowBe4
