Costs of cybercrime increase significantly


Costs of cybercrime increase significantly

Simon Quicke

The cost of cybercrime is running into millions for government organisations and businesses significantly increasing over the past year as the battle to steal and protect sensitive data is played out across worldwide networks.

Research released from Hewlett-Packard carried out by the Ponemon Institute revealed that the costs of cybercrime had gone up substantially, by 56%, since its first study last year and they spiraled if victims left the problem unresolved.

The average cost of cyber crime incurred by organisations now stands at $5.9m a year and despite the heightened awareness of the problems there is still a lot of room for improvement in the defences firms deploy against the attacks.

"Instances of cybercrime have continued to increase in both frequency and sophistication, with the potential impact to an organisation's financial health becoming more substantial," said Tom Reilly, vice president and general manager, enterprise security at HP.

He added that more customers had to take advantage of technology that would protect and manage security and the role of vendors and resellers providing those were grounds for optimism that more could be done to counteract the hacking threat.

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