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Oz Businesses Lose Average $4.9m To Cybercrime: Report

Oz Businesses Lose Average $4.9m To Cybercrime: ReportIndividual results among the sample of 28 Australian
organisations studied by Ponemon ranged from $792,932 to $18 million.

And that’s not the end of it. The results also indicate the time it takes to
resolve a cyber attack has increased to 31 days, with the average cost incurred
by organisations rising to $419,542.

That’s up 47 percent from last year’s estimated average cost of approximately
$276,323.

The 2015 Cost of Cyber Crime Study quantifies the annual cost of cybercrime for
companies across seven countries including the US, UK, Japan, Germany, Brazil
and the Russian Federation as well as Australia.

In Australia, the institute found cybercrime is impacting all industries.
Biggest rises in costs were experienced by the energy and utilities industry,
which copped an increase of $2.2 million; and the financial services industry,
with an increase of $3.1 million.

In comparison, organisations in the media, consumer products and retail
industries appear to have experienced a lower overall cost over the last four
years, the report says. Other findings:

– The most costly cybercrimes in Australia are those caused by denial of
services, malicious insiders and malicious code. These accounted for more than
45 percent of all cybercrime costs per organisation on an annual basis;

– Business disruption continued to represent the highest external cost, up
38pc, followed by costs associated with information loss, up 58pc; and

– Organisations investing in and using security intelligence technologies and
governance practices were more efficient in detecting and containing cyber
attacks.

The full country-specific reports can be found at www.hp.com/go/Ponemon.