Large firms left counting data breach cost

Studies have shown that larger firms take approximately one month to repair systems hit by cyber crime, costing close to £13,000 per day.

Smaller firms were found to be spending even longer in getting their  systems back in operation. The Ponemon Institute released its Cost of Cyber Crime report, which found that the cost of such attacks has increased by 23 per cent on last year.

Ponemon spoke to 257 firms from seven countries. It measured costs of over 1,700 cyber attacks, with 122 successful each year. The least common but most expensive attacks are moves from insiders. Malicious code, internet attacks, and denial of service were not far behind in terms of expense. The highest cost internally is identifying threats, with the biggest hitter externally being disruption of business.

The organisations taking the heaviest fiscal blows are utility and energy firms, with financial services also running up sizable bills.

The institute’s founder Larry Ponemon, who is also a chairman with the group, said:

“It is alarming to know that an unwanted adversary could invade your system, causing costly and reputation-destroying damages without you even knowing it.”

Larger firms need to take more precautions when it comes to preventing cyber crime and be more prepared to tackle it should it arise. By opening up cyber security jobs and doing all they can to fill them with talented personnel, these organisations would be taking an intelligent and evidently necessary step towards protecting their operations.