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Executive Summary for 2012 Cost of Cyber Crime Study: United States - Essay Example
Author : rempeltrenton
Finance & Accounting
Pages 3 (753 words)
Summary of Part 1 The first part of the report presents a summary of the case study conducted in relation to cost of cyber-crime in the United States. This study is a continuation of the two studies carried out earlier on the same area of cyber-crime…
Similar to the previous studies, this study also concludes that the major impact of cyber-crime is the loss of data or information. In addition to these findings, there are three more key conclusions reached. The first one is that cyber-crimes are costly and in this regard, the researchers have found that the annual cost of cyber-crimes amounts to an average of $ 8.9 million, which shows an increase of 6 % as compared to the previous year’s costs. Secondly, the research also concludes that cyber-crimes have become common practices, which increased by 42 percent in 2012 as compared to the previous year’s figures. Lastly, it has been concluded in the study that the majority of cyber-crimes, which are costly too, occur due to “denial of service,” “malicious insiders,” and “web-based attacks.” In addition, the research work provided a conclusion that if organizations are not able to resolve the impacts related to cyber-crimes, their costs may increase. The research work has also determined that it takes around 24 days for an organization to deal with a cyber-crime, while a cost of $ 591,780 is incurred during this problem resolution period. ...