Cyber Crime Costs $11.7 Million Per Business Annually
Costly cyber attacks are having a significant and growing financial impact on businesses worldwide. According to new research published today by Accenture (NYSE: ACN) and the Ponemon Institute, in 2017 the average cost of cyber crime globally climbed to $11.7 million per organization, a 23 percent increase from $9.5 million reported in 2016, and represents a staggering 62 percent increase in the last five years. In comparison, companies in the United States incurred the highest total average cost per crime at $21.22 million while Germany experienced the most significant increase in total cyber crime costs from $8.44 million to $11.15 million. This surge follows a recent string of infamous malware attacks including WannaCry and Petya, which cost several global firms hundreds of millions of dollars in lost revenues.
The Cost of Cyber Crime Study surveyed 2,182 security and IT professionals in 254 organizations worldwide and found that the nubmer of cyber attacks has shown no sign of slowing down since the Ponemon Institute began the research in 2009. Key findings of the study include the following: