Average Cost of Cyber-crime in the U.S. Rises to $15 Million
The annual Ponemon Institute Cost of Cyber Crime Study reports a rising cost in the U.S. and globally.With a seemingly endless stream of breaches reported over the course of the past year, it should come as no surprise that costs associated with cyber-crime are on the rise. The annual Ponemon Institute 2015 Cost of Cyber Crime Study, sponsored by Hewlett-Packard, came out Oct. 6, reporting that in the United States the average annualized cost of cyber-crime is now $15 million, up 19 percent over the 2014 report. The Cost of Cyber Crime Study also examined global costs, which are not as high on average as those in the U.S. For the 2015 study, the global average annualized cost of cyber-crime is $7.7 million for a 1.9 percent year-over-year increase. The global study methodology examined 252 companies across seven countries, with 1,928 attacks used to measure the total cost. Specifically in the U.S., the study looked at 58 companies, with 638 cyber-attacks used to measure the total cost. "We were surprised by the consistent increase in the cost of cyber-crime over just one year in all countries," Larry Ponemon, chairman and founder of the Ponemon Institute, told eWEEK. "We believe this is due to the increased sophistication and stealth of cyber-attacks." Ponemon added that what is happening is that instead of it getting easier for organizations to contain and remediate attacks, it is getting harder and is affecting the average cost. Additionally, he noted that there is also more sensitive and confidential information to protect and more disruptive technologies in the workforce.
"On a positive note, we are seeing steps companies can take to address the increase in cost such as deploying security intelligence systems and having internal security expertise," Ponemon said.