The 2013 Cost of Cyber Crime Study found that the average cost of cybercrime incurred by the sample set of U.S. organizations surveyed was $11.56 million, up 78% since the study was first published four years ago.
The report, conducted by the Ponemon Institute, also found that the period of time required to resolve a cyber attack had increased about 130% over the same period, and the average cost from a single attack was in the neighborhood of one million dollars.
“The threat landscape continues to evolve as cyberattacks grow in sophistication, frequency and financial impact,” said HP’s Frank Mong.
Key findings from the study included:
- The average annualized cost of cybercrime incurred per organization was $11.56 million, with a range of $1.3 million to $58 million. This is an increase of 26 percent, or $2.6 million, over the average cost reported in 2012.
- Organizations experienced an average of 122 successful attacks per week, up from 102 attacks per week in 2012.
- The average time to resolve a cyberattack was 32 days, with an average cost incurred during this period of $1,035,769, or $32,469 per day—a 55 percent increase over last year’s estimated average cost of $591,780 for a 24-day period.
“Information is a powerful weapon in an organization’s cybersecurity arsenal. Based on real-world experiences and in-depth interviews with more than 1,000 security professionals around the globe, the Cost of Cyber Crime research provides valuable insights into the causes and costs of cyberattacks. The research is designed to help organizations make the most cost-effective decisions possible in minimizing the greatest risks to their companies,” said Dr. Larry Ponemon.
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