Cybercrime costs a business $3.8 million/year, study finds

By , Network World |  Security, cybercrime

Ponemon says those organizations that had invested in defensive technologies, including security information event management, and had a chief information security officer on board, appeared to be better prepared to respond and took less time to remediate problems. But only about 40% could be considered to have invested in this way, he adds.

The study found it took 14 days on average to respond to a successful cyberattack, with an average cost to an organization of $17,696 per day. Malicious insider attacks took up to 42 days or more to resolve.

While the number of companies involved in the study is only 45, and thus the data can't be considered statistically weighty enough to characterize entire industries, the "First Annual Cost of Cyber Crime Study" provides a look at how cybercrime is dragging down U.S.-based companies and government.

"The eye-popping thing we found is a lot of organizations are very disorganized in even understanding the environments they're dealing with," Ponemon says. Ponemon Institute intends to do further studies of this kind in the future, he adds.

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Originally published on Network World |  Click here to read the original story.
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