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The Effect of Cyber-Crime and One Way to Fight Back

In: Computers and Technology

Submitted By Tmajor
Words 1928
Pages 8
The effect of cyber-crime and one way to fight back
Travis Major
Lynn University
Jeanette Francis
08 June 2013

The cost of cybercrime to businesses
For three years now cybercrime has continued to grow. During this time cyber-attacks have more than doubled, while hitting the financial side with an estimated 40 percent increase. The cost of cybercrime study in 2012, conducted by Ponemon Institute, found that cybercrime costs to a random sample of organizations averaged 8.9 million dollars. This spike is estimated to have increased the cost of cybercrime by 6 percent from 2011 and 38 percent from 2010. Also during this study it was discovered that there had been a huge increase of cyber-attacks, approximately 48 percent, with around 102 of them being successful per week. The number of successful attacks per week in 2010 was only around 50. More than 78 percent of the annual cybercrime can be labeled as denial of service, malicious code, malevolent insiders, and stolen or hijacked devices. Businesses have no choice but to spend an increasing amount of money, time, and energy in order to protect themselves against these cyber-attacks that seem to be reaching unsustainable levels. Even though some companies are finding ways to lower the cost of security measures, the cost of time and energy spent cannot be eased. No matter what the solution is, it will always take time to incorporate any security and energy to maintain those securities. Additional key findings include: * Information theft and business disruption continue to represent the highest external costs. On an annual basis, information theft accounts for 44 percent of total external costs, up 4 percent from 2011. Disruption to business or lost productivity accounted for 30 percent of external costs, up 1 percent from 2011. * Deploying advanced security intelligence solutions can mitigate the…...

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