Cost of Cybercrime

Canadian Businesses have lost $2.96 million in business disruption, and $3.8 million in information loss according to the annual Accenture Cost of Cybercrime survey 2018. (for a copy of the report click here)

Malicious insiders and malicious code were the most expensive type of attacks, costing Canadian respondents on average, US$3.3 million, compared to the average of all companies surveyed of US$1.6 million. These attacks also take the longest to resolve – twice as long as Ransomware and phishing and social engineering attacks;

Attackers are increasingly using very targeted spear phishing and social engineering campaigns to go after specific people in organizations. Many organizations have spent money deploying more technology without paying close attention to policies and procedures.

It takes training people, improving procedures, and testing those procedures to make sure they are effective.

Breaking costs down, the study found that among those surveyed the average cost due to malware increased 11 per cent, to more than US$2.6 million per company. The cost due to malicious insiders — defined as employees, temporary staff, contractors and business partners — jumped 15 per cent, to $1.6 million per organization, on average.

Together these two types of cyber attacks accounted for one-third of the total $13 million cost to companies. The cost to companies from phishing and from social engineering increased to $1.4 million per organization, on average.

Thanks to our friends at the Channel daily news – and Howard Solomon – here is their complete article

https://channeldailynews.com/news/cost-of-security-breaches-to-canadian-firms-studied-averaged-over-9-million-a-year- report/67334?utm_source=CDN&utm_medium=enews&utm_campaign=CDN&scid=d518b1d9-64d9-d1c7-ddd0-4e6025d96e2b

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