Cost of cybercrime on Businesses Keeps Rising as Mobile Devices Create Potential Attack Vector


KnowBe4, an internet security awareness training institution, gives this figure – $113 billion – to losses incurred from cybercrime. A study sponsored by HP notes that such attacks have risen to 78% per annum over the past four years. Cost of recovering from a breach has also increased 130% compared to 2010. Losses in the case of computer breach include system damage, loss of personal information and intellectual property. The resulting fallout includes customer lawsuits against the company.

Targetted attacks are more prevalent with methods such as spear-phishing being favored by attackers as they yield more money per attack. Overall Symantec notes that overall victims of cybercrime have decreased in number, average cost per victim is however up by 50%. Mobile devices are also creating a new security risk in the enterprise. Symantec reports that a large number of smartphone and tablet users don’t take basic precautions such as using passwords, having security software or backing up files from their devices. 49% of mobile device users carry sensitive work documents on their personal devices creating a new attack vector for cybercriminals to access valuable business information.

“While consumers are protecting their computers, there is a general lack of awareness to safeguard their smartphones and tablets. It’s as if they have alarm systems for their homes, but they’re leaving their cars unlocked with the windows wide open.” – Marian Merritt, Internet Safety Advocate, Symantec.