The Ponemon Institute finds that sophisticated adversaries continue to take a toll on global business. Is there a light at the end of the tunnel?
In the United States and around the world, companies just keep spending more to defend their organizations against cybercriminals. While dispiriting, this recent news from the Ponemon Institute’s 2014 Cost of Cyber Crime report isn’t much of a surprise for security professionals. In fact, with last year’s edition of the study, Institute Chairman Larry Ponemon said costs would rise for a good while to come.
Ponemon’s research covered seven global regions: the United States, the UK, Japan, Australia, Germany, France, and the Russian Federation. While all regions experienced more crime and spent more on defense, U.S. companies spent a lot more. The average U.S. company spent $12.7 million in 2014, while second-place Germany spent only $8.13 million on average. Australian and Russian Federation companies spent less than $4 million annually on average.
Other key findings from around the globe:
While it’s clear that cybercriminals are working harder than ever to infiltrate organizations, the good news is that the right tools can effectively combat the hackers:
The criminals might be winning the battle—forcing us to spend more to keep them out—but the data shows companies that make the right investments are cultivating the tools to win the war. As Larry Ponemon told Discover Performance shortly before the report was released, “The only way to deal with the problems at hand is to be more and more aggressive on the prevention side.”
Naturally, cybercriminals favor some targets over others. Here are some key findings for the U.S. market, showing where cyber crime hits hardest:
Rising defense costs are a symptom of the increasing prevalence and success of attacks. There were 138 cyber attacks per week among the U.S. companies surveyed in 2014, vs. 122 attacks per week in 2013. In the 2010 survey, only 50 attacks per week were reported. Clearly, cyber crime has become more persistent and organized. If there’s a bright spot, it’s that this is increasingly true of the good guys’ response, as well.
Source: HP Press Release
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