Cyber crime cost businesses an average of $8.9 million in 2012

By VAR_Staffing
In Channel
January 21, 2013

VAR_Staffing / VAR Staffing

Cyber crime has become a growing concern for the business world. Every industry has been affected by malicious code, denial of services and Web-based attacks. While IT Principals know this is a major concern, exactly how much cyber criminals are getting away with is staggering.

A recent report from the Ponemon Institute revealed how costly cyber crime was to business in the United States last year. The study is based on a sample of 56 organizations in various industries.

According to the research, the average cost of cyber threats and crime is $8.9 million per year, which is a 6 percent increase from 2011. The annual costs ranged anywhere from $1.4 million to $46 million. On top of that, the average number of successful attacks per week was 102 – about 1.8 successful attacks per week per company. That is an increase of 44 percent from last year’s rate.

As in prior reports, the most significant costs result from the theft or misuse of information assets. Every company in the study cited some form of virus, worm or trojan attack over the last year. Over 50 percent of businesses cited other attacks, including malware (95 percent), botnets (71 percent) and Web-based attacks (64 percent).

“Companies expend considerable time and resources responding to a plethora of different types of attacks,” reads the report. “On a positive note, we found that the cost of any given attack can be substantially reduced by deploying certain security technologies and by advancing good governance practices throughout the company. Finally this research is encouraging to those who believe in the proposition that good security practices have a positive return on investment.”

When IT departments reach out to VARs and MSPs for help addressing their security concerns, they need to be certain that these solution providers have the talent in place to respond to their needs. As the premier staffing provider to businesses in the IT channel, VAR Staffing can identify the talent VARs and MSPs need to solve any security problem.

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