Big Surprise: A New Study Shows the Cost of Cyber Crime is Going Up

Paula Musich
Paula Musich

Summary Bullets:

  • With the cost of cyber crime going up along with the amount of time it takes to contain an attack, organizations should rethink their security spending priorities to focus more on incident detection and response.
  • Assessing your security posture and making appropriate adjustments can help lower cyber crime costs.

The 2014 Global Cost of Cyber Crime Report came out this week, and the news is not good. But that shouldn’t be a surprise, given that about once a week now there is yet another headline announcing the latest big breach. And they seem to get bigger: 40 million customers affected in the Target breach in late 2013, 56 million in the Home Depot breach in mid-2014. The study, conducted by Ponemon Institute and sponsored by HP Enterprise Security, found that the annual cost of cybercrime increased nearly 100% over the five years it has been conducted. The study looked at 257 large companies (with 1,000 or more endpoints) in seven countries, and it found that the average annual cost of a breach is $7.6 million, with a range of between $0.5 million up to $60.5 million. But what’s interesting is that the cost of cybercrime is higher for U.S. companies. A benchmark sample of U.S. companies found that the average cost per organization now stands at $12.7 million. Russian companies were added to the study this year, and they incurred the least cost – $3.3 million on average. Continue reading “Big Surprise: A New Study Shows the Cost of Cyber Crime is Going Up”

The Bamital Botnet Bust Takes an Interesting Turn

Amy Larsen DeCarlo
Amy Larsen DeCarlo

Summary Bullets:

  • Microsoft and Symantec disclosed that they have successfully (they believe) shut down the Bamital botnet, which was netting at least $1 million a year for the perpetrators.
  • The companies went beyond the usual legal and technical responses, employing the botnet’s own mechanisms to inform targeted users that their systems had been infected to carry out so-called ‘click fraud.’

Where there is a will, there always seems to be a way when it comes to hackers using new techniques and variations on old methods to breach systems for their own gain.  This is what makes the IT security discipline as relentlessly frustrating as it is endlessly challenging.  No matter how innovative IT security technologies become and practices evolve, determined cybercriminals seem to be finding new ways to penetrate even the best enterprise defenses.  Continue reading “The Bamital Botnet Bust Takes an Interesting Turn”