The average annual cost of cyber crime for companies now sits at $158 to $141, a 22.7% rise from last year's figures, according to the Ponemon Institute's Cost of Cyber Crime report. Larry Ponemon, founder of the Ponemon Institute, says that “cyber extortion is the next big wave”, as criminals could soon overtake industrial control systems, creating huge outages unless companies pay a ransom. The institute recommends firms minimise losses by having incident response teams in place to detect and respond to cyber attacks quicker, in addition to participation in threat-sharing activities with industry peers.
The average annual cost of cyber crime for companies now sits at $11.7 million, a 22.7% rise from last year's figures, according to the Ponemon Institute's Cost of Cyber Crime report. Larry Ponemon, founder of the Ponemon Institute, says that “cyber extortion is the next big wave”, as criminals could soon overtake industrial control systems, creating huge outages unless companies pay a ransom. The institute recommends firms minimise losses by having incident response teams in place to detect and respond to cyber attacks quicker, in addition to participation in threat-sharing activities with industry peers.