Business Litigation Alert: "The Increasing Cost of Cyber Crime"
With Cyber-Attacks on the Rise, How Can You Prepare?
The risk of a cyber-attack on a U.S. company is growing at an alarming rate. Unfortunately, cyber-attacks are not just an issue for large corporations, high tech companies, or government agencies – cyber-attacks are becoming more commonplace and can affect any company at any time, and the costs are proving to be substantial.
According to the 2013 Cost of Cyber Crime Study, the cost of a cyber-attack on a bench-mark sample of American business averages $11.6 million per company – a large jump from 2012. Even more staggering, the survey found that, on average, the bench-mark sample of U.S. businesses were the victims of two successful attacks each week! The 60 U.S. businesses in the study reported 122 successful attacks per week, with a time to resolution averaging 32 days.
So what can your business do to lower the chance of and costs associated with a cyber-attack?
- Use Technology: The study showed that companies that had security intelligence technologies in place experienced a material cost savings (an average of $4 million in savings).
- The Right People Make a Difference: Properly trained staff can significantly help avoid a cyber-attack and reduce the cleanup costs of cyber crime.The right people with the right experience can make all the difference in dealing with a cyber-attack efficiently and effectively.
- Preparation is Key: Having procedures firmly in place – and followed! – is essential to reducing the loss of time and money commonly incurred after a cyber-attack. Adopting best practices from others in your industry that have effectively dealt with a cyber-attack can also help to shape the procedures you put in place.
The reality is that a cyber-attack is often not a matter of if, but when. Careful preparation and implementation of key safeguards can lead to substantial cost and time savings for your company.