“Cost of Cybercrime Study.” After interviewing more than 2,600 information technology professionals at over 355 companies worldwide, including 25 Canadian companies, they have determined that globally, the cost to companies due to malware increased 11%, and the cost due to malicious insiders jumped 15%. 

The cost to Canadian companies from malware and people-based cyberattacks, such as phishing and social engineering, was an average of US$9.25 million in 2018. 

The study analyzed cybercrime costs to determine what an organization spends to 

discover, investigate, contain and recover from cyberattacks over a four-consecutive-week period, as well as expenditures that result in after-the-fact activities, efforts to reduce business disruption, and the loss of customers.

“As business innovation propels forward, so too does the expanding threat landscape, leading to an increase in cyberattacks,” says Ahmed Etman, managing director of security at Accenture Canada. “Canadian organizations must prioritize protecting people, take a data-centric approach to security to limit information loss and business disruption, and implement AI technology and analytics to reduce the rising cost of attacks.”

Notable study findings specific to Canada include:

  • In 2018, surveyed companies (25 Canadian companies) recorded an average of 75 cyberattacks, which translates to almost 1.5 attacks per week. 
  • The business consequences of increasingly sophisticated cyberattacks are expensive. In 2018, the cost of business disruption was US$2.96 million, and US$3.8 million in information loss. 
  • Eighty-one per cent of business leaders say new business models introduce technology vulnerabilities faster than they can be secured. 
  • Malicious insiders and malicious code are the most expensive type of attacks, costing companies on average, US$3.3 million. These attacks also take the longest to resolve – twice as long as ransomware and phishing and social engineering attacks. 
  • Automation, AI and machine-learning technologies provide the highest cost savings when fully deployed. 

The study determined that companies in the US face almost double the cost of cybercrime than any other country. On average costs are US$27.4 million per company.

To learn more about how organizations can deal with cyber risk or to read the full study, visit Accenture’s website.

Source: News Wire