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
ITC urges governments to increase public procurement from women vendorsThe International Trade Centre (ITC) has launched an initiative to increase the number public procurement contracts being awarded to women-owned businesses. Currently only an estimated 1% of public-procurement contracts globally are awarded to WOBs or women entrepreneurs. Read More
Orange launches start-up accelerator programme in Ivory CoastWith “Orange Fab Ivory Coast” and “Fab Israel”, Orange’s network of start-up accelerators is now present on four continents. Read More
Safaricom shareholders agree yuMobile buyoutShareholders of Kenya’s leading telecom Safaricom voted in favour of the company’s acquisition of the network, IT and infrastructure of smaller rival yuMobile at the firm’s annual general meeting (AGM), meaning the deal now only requires regulatory approval to proceed. Read More
TLcom achieves second profitable African exit of 2014 with Movirtu saleVenture capital firm TLcom Capital (TLcom) has announced its second profitable exit in Africa this year with the sale for an undisclosed fee of virtual identity solutions provider for mobile operators Movirtu to BlackBerry. Read More
Why CWG is re-strategisingNigeria’s Computer Warehouse Group (CWG Plc) is re-strategising to take the company in a different direction. Read More
Green accelerator programme launched in KenyaImpact Amplifier, Growth Africa, VC4Africa and Hivos have joined forces to launch an accelerator programme for green entrepreneurs, looking to help these entrepreneurs scale their innovations across Africa. Read More
Nigeria will drive West African operations, says Asseco chiefEuropean software giant Asseco Group has decided to open shop in Nigeria to drive its presence in the sub-region from the country. Read More
Eaton Towers acquires Airtel towers in 6 countriesEaton Towers and Bharti Airtel today announced an agreement for the acquisition of over 3,500 telecoms towers by Eaton Towers from Airtel. Read More
TNM first quarter net profit jumps to K1.8 billionMalawi's mobile telecoms network service provider TNM continues to realise an increase in net profit from operations. Read More
FEATURED STORYMFarmer SMS redefines market access for Ugandan farmers
Ugandan smallholder farmers are benefitting from an ambitious innovative ICT mobile phone initiative that offers weather reports and up-to-date market information about changes in prices for agricultural commodities, thus granting them lucrative returns from their farming ventures.
BEST READ NEWS
IN DEPTHNIG President speaks his mind
Bayo Banjo, CEO, Disc Communications and President, Nigeria Internet Group (NIG) says the proposed licensing of infrastructure companies by the Nigeria Communications Commission (NCC) will breed corruption and entrench monopolistic practices. Kokumo Goodie reports.
COMPANY NEWSSAP innovation transforms how Governments conduct business
SAP Africa kicked off its public sector innovation roadshow in Johannesburg, to highlight how the SAP innovation solutions portfolio including, cloud and big data, supports all levels ...