There has been dramatic increase in the overall cost of cyber crime, while providing insight to the most costly cyber crimes and the approaches organizations can take to minimize the impact.
This was revealed by HP from its sixth annual study in partnership with the Ponemon Institute detailing the economic impact of cyber attacks across both the private and public sectors.
Conducted by the Ponemon Institute and sponsored by HP Enterprise Security, the 2015 Cost of Cyber Crime Study quantifies the annual cost of cyber crime for companies across seven countries including the U.S., U.K., Japan, Germany, Australia, Brazil and the Russian Federation.
In the study, researchers found the average annualized cost of cyber crime incurred by a benchmark sample of Australian and Japanese organizations had increased by 13% and 14% respectively since last year. The results also revealed that it took an average of 31 days to resolve a cyber attack in Australia as compared to 26 days in Japan.
“As organizations increasingly invest in new technologies like mobile, cloud, and the Internet of Things, the attack surface for more sophisticated adversaries continues to expand,” said Jyoti Prakash, Country Director, India and SAARC countries, HP Enterprise Security Products (ESP). “To address this challenging dynamic, we must first understand the threats that pose the most risk and then prioritize the security strategies that can make a difference in minimizing the impact.”
As organizations strive to embrace new technologies while protecting their expanded environments, there is a need to shift security strategies from traditional network control and perimeter management to an advanced focus on protecting interactions among users, applications and data. The 2015 Cost of Cyber Crime Study demonstrates that organizations are now committing 19 percent of their security budget allocation to the application layer, up from 16 percent last year.