Cybercrime costs firms $9m per year

Massachusetts: The Security for Business Innovation Council — an IT security council established by technology giant EMC — has urged companies to update their cybercrime combating skills.

The council has not offered a forecast of how much cybercrime could cost companies this year, but recent studies have not painted a positive picture.

A recent study by the Michigan-based Ponemon Institute — which conducts independent research on privacy, data protection and information security policy — found instances of cyber attacks on US businesses increased by over 40% last year, with companies being hit with an average of two attacks per week.

The study — published in conjunction with Hewlett-Packard — also found that cybercrime costs an average US business nearly $9m (€6.9m) a year. That figure — for 2012 — was up by 6% on 2011 figures and 38% from 2010.

On a micro basis, a survey conducted by Deloitte — in conjunction with EMC Ireland — last year, found that one third of Irish companies experienced cybercrime during 2012. It added that the average cost, per firm, of a typical cybercrime incident was approximately €40,000.

“Conventional approaches to information security — like perimeter defences and anti-virus — are no longer enough.

“Security leaders need to take an intelligence-based approach to security and advance their information security strategies to keep up with the increasing pace of technological advances,” said EMC country manager for Ireland Jason Ward.

More in this section

Price info
Price info

Subscribe to unlock unlimited digital access.
Cancel anytime.

Terms and conditions apply

Budget 2022 Logo

What impact will this  year's budget have on you and your business.

The Business Hub

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day. PS ... We would love to hear your feedback on the section right HERE.

News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up

Our Covid-free newsletter brings together some of the best bits from, as chosen by our editor, direct to your inbox every Monday.

Sign up