The Cost of Cyber Crime in 2017
September 28, 2017 by Bill Rosenthal

The financial impact of cyberattacks on businesses has grown significantly since just last year. New research published by Accenture and the Ponemon Institute has found that the average cost of cybercrime climbed to a whopping $11.7 million per organization. This is a 23-percent increase compared to last year’s cost of $9.5 million, and represents a 62-percent increase over the last five years. 

Increasing from $8.44 million to $11.5 million, Germany faced the most significant rise of total cybercrime cost for an individual country. However, the United States holds the top spot for highest total average cost at $21.22 million. Australia faced the lowest average cost of an attack at $5.41 million and the United Kingdom had the lowest overall change from 2016 ($6.58 million to $8.74 million). The recent Petya and WannaCry malware attacks are part of the cause of the increases as they cost several global firms hundreds of millions of dollars. 

After surveying over 2,100 security and information technology professionals from 254 organizations across the globe, The Cost of Cyber Crime Study found that there are no signs that the amount of cyberattacks are going to slow down. They also found several other very important statistics, including:

  • Companies in the sectors of financial services (with an average annual cost of $18.28 million) and energy (average cost of $17.20 million) are typically the most targeted.
  • In a 27.4-percent increase since 2016, a company typically suffers from 130 data breaches per year, with a “breach” defined as a core network or system infiltration.
  • The two most costly types of attacks are malware and web-based attacks, costing companies an average of $2.4 million and $2 million.
  • Of the four main ways that a company is impacted by a cyberattack (loss of information, loss of revenue, business disruption, and damage to equipment), 43-percent of companies in the study reported that the loss of information was the most damaging.

What can you do to protect your organization from becoming a statistic? Make cybersecurity part of your company culture. By building security awareness into your employee’s everyday lives, you make it everyone’s responsibility. 

October is actually National Cyber Security Awareness Month (NCSAM), and Logical Operations is proud to be an official Champion of the cause. We will be participating in Twitter chats throughout the month of October to help spread the security word and answer your questions! We hope to see you there. For more information on NCSAM, visit their website.