by Kelly Sheridan
The average cost of cybercrime in 2017 was $11.7 million per organization, a 23% increase from $9.5 million in 2016 and a 62% increase over the past five years for global businesses.
In a new study, “The Cost of Cybercrime” by Accenture and the Ponemon Institute, researchers polled 2,182 security and IT pros across 254 organizations around the world. They found each company experiences 130 breaches per year, a 27.4% increase from 2016 and nearly double its count five years ago. And as cyber attacks increase, so too does their cost.
The study considered four key impacts of cybercrime: business disruption, data loss, revenue loss, and equipment damage. Forty-three percent of respondents said information loss is most damaging; the least is business disruption, which dropped from 39% in 2015 to 33% this year.
Malware infections are the most expensive type of cyber attack, at an average of $2.4 million per infection globally ($3.82 million in the United States). Web-based attacks, the second most expensive, cost $2 million per incident globally ($3.40 million per incident in the US).