We all understand that cybercrime is costly. Not to mention increasingly common.
But just HOW costly is it, really?
The answer might amaze you.
According to a recent study conducted on behalf of the Ponemom Institute of Cyber Crime and
Hewlett-Packard Enterprise, the cost of cybercrime rose
again in 2015. And the average global annualized cost now nets out at a staggering $7.7 million.
The study measured data and research provided by 252 countries and 2,128 interviews with company personnel. The actual cost was calculated by taking into account both direct and indirect expenses that are incurred by an organization or business that is subjected to a cyber attack. Direct expenses include working with forensic experts and outsourcing hotline support. Indirect costs come from “the amount of time, effort and other organizational resources spent, but not as a direct cash outlay.”
The study also showed that in the U.S., the cost of cybercrime averaged out to around $15 million. That also represented a surge from the previous year, when that figure stood at $12.7 million.
The costs of cybercrime simply continue to surge each year – even with cybersecurity ranking as a commonly discussed and planned-for topic in America – especially in the wake of many major retailer, healthcare and government data breaches. According to the study, some companies lost up to $65 MILLION due to cybercrimes and cybersecurity breaches.
Of the seven surveyed countries, the U.S. was the one with the highest cybercrime cost. Germany and Japan ranked second and third, respectively. On average in the U.S., it also took a whopping 46 days to resolve an online attack. Not to mention, the average cybercriminal gets more and more sophisticated by the day.
Clearly, cybercrime is a very real – and real costly – threat that all companies and organizations face today. In addition to the financial hits, there’s the deep impact something like a cybersecurity breach can have on consumer trust and confidence in your brand. A really nasty and deep online attack can completely cripple a company, and to say it’s worth amping up your online support and cybersecurity efforts today is an obvious understatement.
If you’ve made the decision to amplify and enhance cybersecurity and other IT resources and online support within your company or organization, BeDifferent Solutions can help ensure you employ people who are not only talented, but also reliable and trustworthy. We’ll also connect you with cybersecurity, IT and online support professionals who are proficient in English – so you won’t ever have to worry about communication getting lost in translation.
Contact us today to see how we can help you protect your business from cyberattacks in our ever-changing online world.