Total cost of single cybercrime incidents reaches $11.6 million annually

by Charles Leaver

October 11, 2013

access_time 3 min read

The value of endpoint data protection is exponentially growing, as a recent survey showed the total cost of dealing with data leakage due to one cybercrime attack has increased to $11.6 million each year.

The study, researched and published by the Ponemon Institute, is called 2013 Cost of Cyber Crime Study: United States. This year's figures are a sharp increase from last year's numbers, which put a price tag of $8.9 million on the annual impact of a singular cybercrime incident, stated Network World. According to redOrbit, this translates to 122 successful attacks each week. This is up from 102 attacks on average per week in 2012.

It takes 32 days to recover from such an attack, and can cost an organization up to $32,469 per day to secure previously hacked systems and prevent future data leakage, stated redOrbit. This figure has increased by 55 percent from 2012.

The study, which surveyed 60 U.S. enterprises, found the most common attacks resulting in data leakage included malware, Trojans, botnets, phishing campaigns and Web-based attacks. The most costly attacks were denial of service attacks and programs containing malicious code, stated Network World.

Security expert Frank Mong told redOrbit that this is the fourth consecutive year that organizations that implement security tools for data loss prevention see cost savings.

"The threat landscape continues to evolve as cyberattacks grow in sophistication, frequency and financial impact," Mong said.

Although cybercrime is undoubtedly a worldwide issue, the United States is one of the most targeted location for attacks.

"While the numbers are significant and up across the world, they are notably larger in the United States and Germany," ZDNet contributor Larry Seltzer. "Possible reasons are the number of attractive targets in these countries as well as more complicated and expensive regulatory compliance costs."

In light of these new figures, adequate endpoint security is essential to ensure the safety of a company's sensitive information.