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
The benefit cycle: how ICT and skills will sustain each-other in developing AfricaICTs can develop skills, which in turn can develop the ICT sector, in a ‘benefit cycle’ that can propel Africa into the mainstream knowledge economy. But more effort is needed to get this wheel rolling, says Ayanda Dlamini, Business Development Manager at LGR Telecommunications. Read More
Nigerian carrier frets over naira devaluation, general electionsNational carrier Globacom says it is worried over the devaluation of the naira and the uncertainties hanging in the air about next month’s general elections in the country. Read More
150 entrepreneurs advance to quarter-finals of Digital Change-makers competition150 young Ghanaian entrepreneurs with varied digital solutions to improve the lives of Ghanaians, especially children, have made it to the quarter-finals of the Tigo Digital Change-makers competition. Read More
VMware reports fourth quarter and full year 2014 resultsVMware, the global leader in virtualisation and cloud infrastructure, has announced financial results for the fourth quarter and full year of 2014. Read More
Maroc Telecom completes Moov takeover for 474 million eurosMaroc Telecom said this week that it has completed the takeover of all Moov operations in six African countries to the total value of 474 million euros. Read More
Citrix: SA office workers lose up to 559 hours a year due to lack of flexible work optionsA Citrix study has found 20% of South African office workers work longer hours than contracted; losing up to 559 hours per year. Flexible working hours and the use of technology could improve the situation, it says. Read More
Wananchi Telecom prepares for rapid growth across Africa with global network services from EpsilonLeading East African carrier Wananchi Telecom has partnered with Epsilon to connect African customers to more than 170 countries around the world. Read More
Setback for BTCL IPO as workers cry brokeWith the Privatisation of Botswana Telecommunications Corporation Limited privatisation nearing completion, employees claim they do not have the funds to buy the five percent of shares allocated to them. Read More
Nomanini takes Africa by storm using Google Cloud PlatformNomanini, a Cape Town-based mobile point of sale service that specialises in facilitating cash payments in emerging markets, has successfully scaled into six countries across Africa in just four years, using Google’s Cloud Platform. Read More
Airtel Kenya announces senior management appointmentsAirtel Kenya has appointed Josee Cremieux and Dick Omondi as the new customer service director and corporate affairs director respectively. Read More
FEATURED STORYUCC launches 2015 ACIA awards
Uganda has launched the fifth Annual Communications and Innovation Awards, which celebrate and foster ICT innovation and achievement.
BEST READ NEWS
IN DEPTHKenya’s digital TV battle hots up
Kenya’s journey to Digital TV broadcasting took a new turn this week, when the Communication Authority of Kenya (CAK) accused three local media firms of intent to disrupt the process.
COMPANY NEWSAlbany CTG, Microsoft, collaborate on School of Government Program
The University at Albany’s Center for Technology in Government (CTG) has announced its collaboration with Microsoft Corporation to deliver executive level training to government leaders in Africa ...