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Tuesday, August 10, 2010

Tallying the Cost of Cyber Crime

The scheming of cyber criminals now has a price tag: a median cost of $3.8 million (U.S.) per organization, according to researchers at the Poneman Institute, which took an in-depth look at both the cost and the frequency of cyber crime at the behest of security software specialist ArcSight Inc.  The First Annual Cost of Cyber Crime Study, published earlier this month, comes with an important caveat: the Poneman/ArcSight study was extremely limited in scope and is based on just 45 U.S. organizations.  On the other hand, researchers met with and interviewed participants instead of simply surveying them.

The median tally came to $3.8 million per organization, but the range spanned from $1 million to almost $52 million, according to researchers.

“Through actions such as the appointment of a chief information security officer [CISO], the rollout of an enterprise security strategy, and investments in technologies capable of addressing sophisticated threats and managing complex security events, companies are able to reduce the financial impact of cyber crime.”

http://esj.com/articles/2010/08/10/tallying-cost-of-cyber-crime.aspx

Posted on 08/10
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