The Cost of Cybercrime
With cyber-attacks against Australian business on the rise, it’s no surprise the costs of these malicious attacks have also escalated dramatically.
The cost to business of recovering from malware and web-based attacks continue to be the most expensive, while the cost of ransomware attacks has grown the fastest over the past year.
The new 2019 Cost of Cybercrime study found that Australian organisations experienced an 18% increase in the number of security breaches in 2018.
The research also shows the average annual cost of cybercrime in Australia has risen by 26% compared to the previous year.
The study calculated cybercrime costs to what businesses spent to discover, investigate, contain and recover from cyber-attacks over a four-week consecutive period.
The research shows individual incidents are becoming much more expensive. The cost of ransomware attacks increased by 40% in Australia with each attack costing businesses an average of $A128 130.00
Other key findings include:
- There was a 33% growth in cybercrime driven by so-called “people-based attacks” such as phishing, ransomware and malicious insider attacks
- The loss of data or corporate information remains the most expensive consequence of a cybercrime in Australia (43%) followed by business disruption (32%)
Protection versus Attack
Cyber security has become a very important part of ensuring the future of any business – small or large. The cost of protection far outweighs that of falling victim and attempting to recover from a cyber-attack.
The devastating effect of downtime caused by cyber-attacks can include irreparable damage to data, reputation, customer relationships, income, and business viability.
Think Technology Australia can assist you to protect your business by understanding your vulnerabilities, safeguarding you against the risks, and preparing for the worst possible business disruption with a plan for business continuity and disaster recovery.