Cyber crime is big business that damages your business, with more than 720 million attacks occurring worldwide every 24 hours, according to Hewlett Packard Enterprise.
What does cybercrime cost – and how do you plan how much is reasonable for your business to spend on protecting your assets from cyber criminals?
- Information loss is the most expensive consequence of cyber crime, ahead of business disruptions, loss of revenue and damage to equipment.
- Applying information management and governance practices reduces the cost of cyber crime.
- Companies that use security technologies such as advanced access management systems that extensively deploy encryption technologies, and that deploy encryption technologies across the enterprise reduce the cost of cyber crime.
- Innovation is essential if your business is to survive, but some types of innovations are costlier in cyber crime prevention, including the acquisition or divestiture of a company, or the launch of a new customer-facing application. Remember to include cyber crime prevention in your innovation scenario planning.
- The stronger your business’s security profile, the more it will be able to control the cost of cyber crime.
- Companies that use application security controls reduce the cost of cyber crime.
- The persistent deployment of security information and event management (SIEM) yields significant savings – but companies tend to not deploy these important features widely.
The study also revealed that cyber crime costs certain sectors more than others – financial services businesses experience the greatest loss due to the phenomenon, followed by utilities and energy. Technology businesses follow, before services, industrial businesses and health care.
The four leading types of cyber attacks are malware, phishing and SE, web-based attacks, and malicious code. The research revealed no consistent trend in which type of attack cost the most to businesses in the countries reviewed, but malicious code accounted for 24% of all cyber crime in the United States, significantly outweighing the various other forms of attack in that country.
Hewlett Packard Enterprise’s Gen10 Servers offer unique security features and best-in-class innovations in firmware protection, malware detection and firmware recovery, offering your business the muscle it needs to fortify against cyber crime, and to reduce your security costs without reducing your protection.