HP reveals cost of cybercrime escalates 78 percent, time to resolve attacks more than doubles

HP unveiled the results from a global study conducted by the Ponemon Institute, indicating that the cost, frequency and time to resolve cyberattacks continue to rise for the fourth consecutive year.

Conducted by the Ponemon Institute and sponsored by HP Enterprise Security Products, the 2013 Cost of Cyber Crime Study found that the average annualized cost of cybercrime incurred by a benchmark sample of U.S. organizations was $11.56 million, representing a 78 percent increase since the initial study was conducted four years ago.The results also revealed that the time it takes to resolve a cyberattack has increased by nearly 130 percent during this same period, with the average cost incurred to resolve a single attack totalling more than $1 million.

The sophistication of cyberattacks has grown exponentially in recent years, as adversaries both specialize and share intelligence in order to obtain sensitive data and disrupt critical enterprise functions. According to the 2013 Cost of Cyber Crime Study, advanced security intelligence tools such as security information and event management (SIEM), network intelligence systems, and big data analytics, can significantly help to mitigate data threats and reduce the cost of cybercrime.

Key findings from the 2013 study include:

  • The average annualized cost of cybercrime incurred per organization was $11.56 million, with a range of $1.3 million to $58 million. This is an increase of 26 percent, or $2.6 million, over the average cost reported in 2012.
  • Organizations experienced an average of 122 successful attacks per week, up from 102 attacks per week in 2012.
  • The average time to resolve a cyberattack was 32 days, with an average cost incurred during this period of $1,035,769, or $32,469 per day—a 55 percent increase over last year’s estimated average cost of $591,780 for a 24-day period.

“The threat landscape continues to evolve as cyberattacks grow in sophistication, frequency and financial impact,” said Frank Mong, vice president and general manager, Solutions, Enterprise Security Products, HP. “For the fourth consecutive year, we have seen the cost savings that intelligent security tools and governance practices can bring to organizations, and as HP, we are committed to continuing to deliver both industry-leading solutions and research to further disrupt the threat life cycle of the adversary.”

With industry-leading products from ArcSight, Fortify and TippingPoint, HP delivers a comprehensive security portfolio that enables businesses to take a proactive approach to security that integrates information correlation, deep application analysis and network-level defense mechanisms. With HP Enterprise Security Products, businesses are better able to disrupt the adversary, manage risk and extend their security capabilities to better protect their organizations.

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