Key Points for Cost of Cybercrime

October 14, 2014 Arctic Wolf Networks

Here are Key Points for Cost of Cybercrime:

The recent 2014 Cost of Cyber Crime Study for the United States from the Ponemon Institute, sponsored for a fifth year by HP, provides some interesting trends. While news headlines focus on the largest and most impactful security incidents, here are some key points on cost of cybercrime for the 1st quartile:

• Cost per seat is almost 3X for the 1st quartile compared to the 4th. Smaller organizations pay $1513 per seat compared to $517.

• Annualized cost for the 1st quartile is $4.8M, up almost 3X over five years, matching the overall study median as well.

• Minimum cost for 2014 was $1.58M, an estimated cost of $188 per information record, which equates to just over 8,400 records breached.

• Detection is the largest cost while the highest cost component is direct labor, and both are trending up.

• Security intelligence technologies can reduce the cost of detection by 42% and containment by 41%.

The study also notes the largest cost savings for security governance comes from obtaining sufficient budget, appointing a security leader, and having skilled security staff. Detection is a key focal point requiring trained analysts using security intelligence.

In the real world of nearly fixed IT security budgets, you have to do more with less. This means that big capital IT security projects with large staffs are unlikely, even with the rising costs of cybercrime. This is where a managed SIEM service can become an extension of your security team at affordable service rates.

October is National Cyber Security Awareness month: how strong are your detection efforts? Combat the cost of cybercrime.

Tom Clare, Head of Corporate & Product Marketing
Arctic Wolf Networks

 

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