HP reports 56% jump in cybercrime costs
Silicon Valley / San Jose Business Journal
The cost to business and government organizations of security and recovery connected to cybercrimes has risen 56 percent in the past year, a study released Tuesday said. The report by Hewlett-Packard Co . (NYSE:HPQ) said cybercrime costs to organizations it surveyed have risen to a median of $5.9 million a year, ranging from a low of $1.5 million to a high of $36.5 million.
Recovery and detection are the most costly internal activities, the report said. Over a four-week period, the organizations surveyed said they experienced 72 successful attacks per week, an increase of nearly 45 percent from last year. More than 90 percent of all cybercrime costs were caused by malicious code, denial of service, stolen devices and Web-based attacks.
The average time to resolve a cyberattack is 18 days, the report said, with an average cost of nearly $416,000. This is nearly a 70 percent increase from the estimated cost of $250,000 over a 14-day resolution period in last year’s study.
Results also showed that malicious insider attacks can be even more costly, taking more than 45 days to contain.
Written by Cromwell Schubarth.
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