Cyber crime costs corporate America billions
A study conducted by the Ponemon Institute has concluded that cyber crime costs American corporations billions of dollars per year.
Examples of cyber-criminal activity highlighted by the extensive survey includes stealing an organization's intellectual property, confiscating online bank accounts, creating or distributing viruses, posting confidential business information and disrupting critical national infrastructure.
"[Our] study - which involved interviews with the data protection and IT security practitioners in 45 US organizations - [found that] cyber crime is common, intrusive, and can have a significant impact on an organization's bottom line," explained
"Over a four-week period, the 45 organizations surveyed in the study experienced 50 successful attacks per week, or more than one successful attack per organization per week. This resulted in a median annualized cost of $3.8 million per organization per year, with costs for the complete benchmark sample ranging from $1 million to nearly $52 million."
Ponemon emphasized that nearly "every" corporation remains vulnerable to devastating cyber-attacks responsible for information theft, disruption to business operations and serious financial loss.
"[However], companies are able to reduce the financial impact of cyber crime [by] appointing a chief information security officer (CISO), [rolling out] an enterprise security strategy and investing in technologies capable of addressing sophisticated threats."