Study Finds U.S. Firms Spend $15 Million Per Year on Cybercrime

$15 million is one-fifth higher than last year, 82% more than 2010.

A new study found U.S. firms spend an average of $15 million apiece on cybercrime each year.

The “Cost of Cyber Crime” published on Tuesday by the Ponemom Institute, a research firm, polled 58 U.S.-based companies. The $15 million per year is one-fifth higher than last year and 82% more than 2010, when Ponemon started issuing the report, according to an NBC News report.

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“Some countries assume everything is under control, or they’d rather have their heads in the sand,” Larry Ponemon, founder of the Institute, told NBC News. “In the U.S., executives are realizing they need more C-suite involvement in security.”

The cybercrime expenses ranged from $1.9 million to $65 million each year, the study found, depending on the size and sector of the company.

The study also found it takes 46 days from the date of discovery to resolve a cyberattack. The study was funded by Hewlett-Packard’s security arm.

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“Attackers are becoming increasingly sophisticated, so the days of being able to conduct the forensics quietly are long gone,” said Andrzej Kawalec, HP’s CTO for enterprise security services. “Now it has to be done in the public eye, across jurisdictions. It’s a PR response as much as a technical response.”

October is National Cyber Security Awareness Month.

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