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Executive Summary for 2012 Cost of Cyber Crime Study: United States - Essay Example

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Executive Summary for 2012 Cost of Cyber Crime Study: United States

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. Moreover, data recovery continues to be the most significant activities of a business, when considered in terms of their costs. It has also been identified in the study that the security system installations are effective in lowering down cyber-crime costs (Ponemon Institute LLC 1–4). Analysis One important conclusion reached in the study is related to costliness of cyber-crimes. It is expressly stated by the researchers that: Cyber-crimes continue to be costly. We found that the average annualized cost of cyber-crime for 56 organizations in our study is $8.9 million per year, with a range of $1.4 million to $46 million. In 2011, the average annualized cost was $8.4 million. This represents an increase in cost of 6 percent or $500,000 from the results of our cyber cost study published last year. (Ponemon Institute LLC 1) Keeping in view this finding of the research work under consideration, I will be more able to understand what amount of costs is incurred by business entities in relation to cyber-crimes. Moreover, after completing my academics at the university, I will be able to enter the practical field with prior knowledge about what the trends in costs related to mitigating the impacts of cyber-crimes are. For instance, the research work under review has been able to conclude that for the 56 organizations selected in the study, the annual average cost incurred in relation to cyber-crimes is $ 8.9 million (Ponemon Institute LLC), which is in between the minimum and maximum values of $ 1.4 million and $ 46 million, respectively (Ponemon Institute LLC 5). The detailed review of the findings relating to the above stated conclusion reveals that the costs of overcoming the impact of cyber-crimes have been the highest in 2012 in comparison with the costs incurred by the companies in 2011 and 2010. This implies that the economic impact is increasing for companies with every year passing by and is, therefore, making an unfavorable impact on the profitability of the companies (Ponemon Institute LLC 5). In addition, the information being considered in this analysis also has significance for me in a way that my ...Show more


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…
Author : rempeltrenton
Executive Summary for 2012 Cost of Cyber Crime Study: United States
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