HP has unveiled new research indicating that cyberattacks increasingly plague businesses and government organizations, resulting in significant financial impact, despite widespread awareness.
Conducted by the Ponemon Institute, the Second Annual Cost of Cyber Crime Study revealed that the median annualized cost of cybercrime incurred by a benchmark sample of organizations was $5.9 million per year, with a range of $1.5 million to $36.5 million each year per organization. This represents an increase of 56 percent from the median cost reported in the inaugural study published in July 2010.
The study found that recovery and detection are the most costly internal activities, highlighting a significant cost-reduction opportunity for organizations that are able to automate detection and recovery through enabling security technologies.
"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. 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." said, Loke Yeow Wong, Regional Evangelist &Director, Enterprise Security, HP.
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