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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 concluded that the major impact of cyber-crime is the loss of data or information. In addition to these findings, there were three more key conclusions reached. The first one was that cyber-crimes are costly and in this regard, the researchers found that the annual cost of cyber-crimes amounted to an average of $ 8.9 million, which shows an increase of 6 % as compared to prior year’s costs. Secondly, the research also concluded that cyber-crimes have become common practices, which have increased by 42 percent in 2012 as compared to previous year’s figures. Lastly, it has been concluded in the study that majority of the cyber-crimes, which are costly too, occur due to “denial of service”, “malicious insiders” and “web-based attacks”. In addition to this, the research work also provided a conclusion that if organizations are not able to resolve the impacts related to cyber-crimes, there costs may increase. The research work also found that it took around 24 days for an organization to deal with cyber-crime, while a cost of $ 591,780 was incurred during this problem resolution period. In addition, data recovery continues to be the most significant activities of a business, when considered in terms of their costs. Moreover, it has also been found in the study that the security systems’ installations are effective in lowering down cyber-crime costs (Ponemon Institute LLC 1-4).
“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).
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This study is a continuation of the two studies carried out earlier on the same area of cyber-crime. The study included a sample of 56 business…
Executive Summary for 2012 Cost of Cyber Crime Study: United States
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