Cyber attacks on large US companies result in an average of $12.7 million in annual damages, an increase of 9.7 percent from the previous year, according to the fifth Cost of Cybercrime report published by the Ponemon Institute on Wednesday.
The report, sponsored this year by Hewlett Packard’s Enterprise Security division, found that business disruption and information loss account for nearly three-quarters of the cost of cybercrime incidents. The study also confirmed that companies that make security a priority have lower costs associated with security incidents during the year. In particular, companies that use technology that helps flag potential intrusions into critical systems have lower costs, by an average of $2.6 million.
“Business disruption, information loss and the time it takes to detect a breach collectively represented the highest cost to organizations experiencing a breach,” Larry Ponemon, chairman and founder of the Ponemon Institute, said in a statement.
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