“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, chairman and founder, Ponemon Institute.
The report confirms that for the fourth consecutive year the frequency and cost of cyber attacks are increased.
The 2013 Cost of Cyber Crime Study states that the average annualized cost of cybercrime incurred by a benchmark sample of US organizations was $11.56 million, nearly 78% more than the cost estimated in the first analysis conducted 4 years ago.
The 2013 Cost of Cyber Crime Study reported that the time it takes to resolve a cyberattack has increased by nearly 130 % in four years meanwhile the average cost to resolve a single attack totalling more than $1 million.
Key findings include:
The adoption of defense mechanisms like security information and event management (SIEM) and big data analytics could help to mitigate the effect of cyber attacks, reducing the cost suffered by enterprises.
“Organizations using security intelligence technologies were more efficient in detecting and containing cyberattacks, experiencing an average cost savings of nearly $4 million per year, and a 21 percent return on investment (ROI) over other technology categories.”
(Security Affairs – Ponemon 2013 Cost of Cyber Crime, cybercrime)