Cybercriminals don’t stalk only the big companies, on the contrary, the smaller companies are softer targets and easier to penetrate. And, because a network breach can be so devastating to a business, every business should take proactive measures to protect its network and devices. The word cybersecurity is now a part of the daily news cycle as governments and businesses alike continue to experience breaches in their networks. As the costs of such breaches rise, it is imperative that businesses, large and small, develop business continuity and incident response plan.
The Key Findings of the Cost of Cybercrime 2019 Report:
- The highest increase rate of 31% was experienced by organizations in the United Kingdom which grew to $11.5 million as an annual average cost of cybercrime.
- The United States continues to top the list with the average annual cost of cybercrime increasing by 29% in 2018 to reach $27.4 million.
- Security intelligence and threat sharing, which is used by 67% of respondents, is currently on the top of the league table for cost savings with $2.26 million.
- Automation, AI and machine learning, while also reaping rewards in cost savings $2.09million is only being taken up by 38% of respondents.
- Advanced identity and access management is already widely adopted by 63% of surveyed organizations and provides a substantial net cost saving of $1.83 million after deducting the amount of money invested in the technology.
- Adding together the individual cost for each consequence of an attack in 2018 gives the total of the cost of cybercrime to an organization in that year with $13.0 million.
A Graph Shows The Average Annual Cost of Cybercrime by the Type of Attack.
The Content of “The Cost of Cybercrime 2019” Report:
- The Cybercrime Evolution.
- Nation-state, Supply Chain and Information Threats.
- New Risks from Innovation and Growth.
- Humans Are Still the Weakest Link.
- Benchmarking Cybersecurity Investment.
- More Attacks and Higher Costs.
- The Value at Risk from Cybercrime.
- Assessing Levels of Investment.
- Improving Cybersecurity Protection.
- Every Type of Attack Is More Expensive.
- The Impact of Cyberattacks Is Rising.
- Targeted Investments Tackle Cybercrime.
- Security Technologies Can Make a Difference.
- Unlocking Cybersecurity Value.
- Three Steps to Unlock Cybersecurity Value.
- About the Research.
- Frequently Asked Questions.
Number of Pages:
Data is based on a survey through 2,647 separate interviews conducted in 355 companies, participating companies based on 15 primary industry classifications. Banking represents the largest segment, the second and third largest segments are retail and high tech industries.