By Riley Walters – Re-Blogged From The Heritage Foundation
Researchers are concerned over the strength and comprehensiveness of cybersecurity in the U.S., as companies across the country are being targeted in cyber attacks at an increasing rate of both occurrence and cost. Concerns continue to grow as both the number of attacks on companies’ networks and the cost to companies are increasing. The quantity and quality of information being hacked, stolen, destroyed, or leaked is becoming more of a problem for consumers and businesses alike.
The Ponemon Institute recently released its 2015 Cost of Cyber Crime, which analyzes the cost of all cyber crime for a variety of 58 U.S. organizations both public and private. The U.S., in comparison with other nations in the Ponemon study, continues to rank highest in its cost of cyber crime at an annual average of $15.4 million per company.
Ponemon surveyed companies in the areas of finance, energy and utilities, and defense and aerospace—three of the most affected sectors—as well as communication, retail, and health care. The annual cost of cybercrime for these companies has more than doubled since 2010, which then averaged $6.5 million. Of the companies surveyed, the minimum cost to a company was $1.9 million while the maximum cost was as much as $65 million in 2015.
This year, companies saw an average of 160 successful cyber attacks per week, more than three times the 2010 average of 50 per week.