The cost of cyber attacks is rising dramatically

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://betanews.com/2015/06/04/the-cost-of-cyber-attacks-is-rising-dramatically/

The cost of a cyberattacks to businesses has more than doubled in the past
year, a new report by PWC says.

The Department for Business, Innovation and Skills (BIS) commissioned the
survey which has shown that not only has the cost doubled, but the number
of security breaches has increased.

To make things even worse, 11 per cent of respondents changed the nature of
their business as a result of their worst breach.

The average starting costs for a major security breach at large
organizations rose to an average £1.46 million, up from £600,000 last year.
Smaller firms were no less immune to the financial drain caused by a
cyberattack. The minimum they could expect to pay last year for the most
extreme breaches jumped to £310,000 from £115,000 in 2014.

The costs include covering business disruption, lost sales, recovery of
assets, fines and compensation.

Speaking to The Telegraph as the report was launched, Ed Vaizey, Digital
Economy Minister, said: "The UK’s digital economy is strong and growing,
which is why British businesses remain an attractive target for cyberattack
and the cost is rising dramatically. Businesses that take this threat
seriously are not only protecting themselves and their customers’ data but
securing a competitive advantage".

The survey also found that 90 percent of large organizations suffered a
cyberattack over the year, a rise of nine percentage points. For small
businesses the figure was 74 percent, up from 60 percent a year ago.

Among the greatest areas of vulnerability are our growing dependence on
mobile devices, as well as human error.

_______________________________________________
Dataloss Mailing List (dataloss () datalossdb org)
Archived at http://seclists.org/dataloss/
Unsubscribe at http://lists.osvdb.org/mailman/listinfo/dataloss
For inquiries regarding use or licensing of data, e-mail
        sales () riskbasedsecurity com 

Supporters:

Risk Based Security (http://www.riskbasedsecurity.com/)
YourCISO is an affordable SaaS solution that provides a comprehensive information security program that ensures focus 
on the right security.  If you need security help or want to provide real risk reduction for your clients contact us!