Irene Goltsman
Founder, Chief Development Officer
Cybercrime is up 10.4%

Cybercrime is up 10.4% over the previous year that falls under:

  • Stealing an organization's intellectual property
  • Confiscating online bank accounts
  • Creating and distributing viruses on other computers
  • Posting confidential business information on the internet
  • Disrupting a country's critical national infrastructure

The following costs accrued by a business battling the above cybercrimes:

  • Costs to detect, recover, investigate and manage the incident response
  •  After-the-fact costs such as business disruption and loss of customers

Cybercrime costs varied by organizational size: smaller organizations had a higher per capita cost. ($1,601 versus $437).

All industries fell victim to cybercrime, but to different degrees. Businesses in the power/utilities industry and financial-service providers had higher cybercrime costs than businesses in media, life sciences, and healthcare.

The most costly cybercrimes were those caused by malicious insiders, denial of services and web-based attacks. These three attack vectors accounted for more than 55 percent of all cybercrime costs per company.

The longer it took to resolve a cyber attack, the more it cost. Not surprising. However, what might be surprising is the average time to contain an attack increased from 23 days to 31 days.

Business disruption represented the highest ancillary cost, followed by costs associated with information loss.

Detection was the most costly internal activity followed by recovery. On an annualized basis, detection and recovery costs together accounted for 53 percent of the total internal activity costs.

Deployment of enterprise security governance practices moderated the cost of cybercrime. Companies investing in staff with security experience had lower cybercrime costs. 

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