HP: Cyber Crime Attacks Lead to Rising Costs and Increasing Defense Time

Hewlett-Packard Company recently released results of a global survey conducted by the Ponemon Institute; it shows that the costs frequency and defense time incurred by cyber attacks have been upward for four consecutive years.

Actual costs incurred for network attacks

The cyber crime that cause highest costs includes denial of service, malicious insiders and internal network attacks, which account for more than 55% of the total cost generated from cybercrime of average annual per enterprise.

Information theft is still the highest external costs, followed by business interruption. In 2013, information loss accounts for 43% of total external costs that is less than that of 2012 by 2%. Business interruption or loss of production capacity accounted for 36% of external costs, compared with 2012 increased by 18%.

Recovery and detection are the most costly internal activities. Last year, the costs of recovery and detection of internal activities account for 49% of total costs, most of which is in cash and labor expenses.

Cybercrime generated costs are different due to company size, but per capital cost in small companies per capita is much higher than that of large companies.

The costs caused by cybercrime in financial services, defense, energy and utilities companies are much higher than the costs incurred in the retail, hospitality and consumer products industry enterprises.

Security intelligence solutions and governance practices are essential

Using secure intelligence technology will be more effective in the detection and containment of network attacks, the average annual cost savings is of nearly $ 4 million, rate of return on investment is higher than that of other types of technical by 21%.

Adoption of enterprise security governance practices can reduce cybercrime incurred costs, including investment of appropriate resources, the appointment of executives and hiring security staff and certified experts, which can help companies to save nearly average $ 1.5 million every year.

“Information is a powerful weapon for enterprise to ensure network security.” the chairman and founder of Ponemon Institute, Dr. Larry Ponemon said: “Through practical experience and in-depth interview to more than 1,000 worldwide security professionals, the survey of cybercrime incurred costs provides us with valuable information about the causes and costs of network attacks. This survey is designed to help companies make low-cost, high-yield decisions to minimize the company’s risk as far as possible. ”

For individual and groups that want to defend against cybercrimes, password protection for files and folders is an extra security solution for data security. Comprehensive protection for confidential data and information is necessary for individuals and groups to decrease the cybercrime incurred costs.