Cybercrime losses up by 56%
BUSINESS| Aug. 2, 2011, 10:44 a.m.
The cost of cybercrime has risen by 56%, says a new study by HP.
HP has unveiled new research indicating that cyber attacks increasingly plague businesses and government organisations, resulting in significant financial impact, despite widespread awareness.
Conducted by the Ponemon Institute, the Second Annual Cost of Cyber Crime Study revealed that the median annualized cost of cybercrime incurred by a benchmark sample of organisations was USD5.9 million per year, with a range of USD1.5 million to USD36.5 million each year per organisation. This represents an increase of 56% from the median cost reported in the inaugural study published in July 2010.
The study found that recovery and detection are the most costly internal activities, highlighting a significant cost-reduction opportunity for organisations that are able to automate detection and recovery through enabling security technologies.
“Instances of cybercrime have continued to increase in both frequency and sophistication, with the potential impact to an organisation’s financial health becoming more substantial,” said Praveen Govender, HP Software Country Manager, South Africa.
“Organisations in the most targeted industries are reducing the impact by leveraging security and risk management technologies, which is grounds for optimism in what continues to be a fierce fight against cybercrime.”
Cyber attacks have become common occurrences. Over a four-week period, the organisations surveyed experienced 72 successful attacks per week, an increase of nearly 45% from last year. More than 90% of all cybercrime costs were caused by malicious code, denial of service, stolen devices and web-based attacks.
MORE BUSINESS NEWS
Revenues from tablet games to tripleNew data from Juniper Research has revealed that by 2019 worldwide revenues from tablet games will reach $13.3 billion – a threefold rise on the 2014 figure of $3.6 billion. Read More
Airtel Uganda hosts high value customers at Business Leaders’ ForumAirtel Uganda has hosted an Enterprise Expo in Mbarara district, Western Uganda, as part of efforts to provide practical and modern business solutions to its high value customers. Read More
Safaricom, Airtel complete yuMobile dealSafaricom and Airtel have completed the US$120 million acquisition of yuMobile from Essar Telecom. Read More
GrowthAfrica, Usahibu partner to solve SME accounting issuesKenyan accelerator GrowthAfrica has partnered cloud computing firm Uhasibu in a bid to address the accounting and financial software needs of East African startups and small and medium enterprises (SMEs). Read More
Top 10 risks worth considering when expanding into AfricaCompanies planning to expand across Africa must make a concerted effort to understand the risks, and not assume they “know” Africa, says ContinuitySA. Read More
Shop Soko connects Kenyan artisans to lucrative international marketsA new e-commerce platform, Shop Soko, is helping Kenyans access a lucrative international market. Read More
Ricoh SA begins rollout of new services-led strategy, Africa expansionJacques van Wyk has been appointed Ricoh SA’s new COO to drive the expanded strategy that will enable the business to become a services-led organisation and see its expansion into the rest of Africa. Read More
Stock Exchange launches news serviceA news service by the name of X-News has become the latest product coming from the local bourse, the Botswana Stock Exchange (BSE) recently. Read More
Telkom forays into Botswana through acquisitionSouth African telecommunications giant Telkom is making inroads into the Botswana market through the acquisition of an ICT company, Business Connexion (BCX). Read More
Umati Capital secures $10m finance line from ApexPeakKenyan financial tech startup Umati Capital has agreed a deal with ApexPeak securing its first line of wholesale capital. Read More
FEATURED STORYSafaricom-Equity battle for mobile banking hots up
Equity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.