Cybercrime Costs Going Up

Associated PressPublished: October 7, 2015

SEOUL, SOUTH KOREA - MARCH 21: Researchers inspecting for computer viruses at Hauri Inc. the IT security software vendor on March 21, 2013 in Seoul, South Korea. A cyber attack on the computer networks that run three South Korean banks, two broadcasters and an internet service provider in South Korea yesterday has been traced to an IP address in China, despite many experts suspecting the attacks to originate in North Korea. Officials noted that while the attack was traced to an IP address it China may have originated elsewhere and been routed through the country to disguise the attackers. (Photo by Chung Sung-Jun/Getty Images)

NEW YORK (AP) — The cost of cybercrime is going up. A new study says the average annual cost of online pilfering per large U.S. company is $15.4 million. That's up 19 percent from the $12.7 million level from last year. The Ponemon Institute study says the money spent on cybercrime includes shelling out to respond to incidents and money designed to prevent additional costs from losing business or customers. This is the sixth year Ponemon has done a report on the cost of cybercrime — and the current total is up 82 percent from the first study.

Filed Under: cybercrime, cybercrime costs, hacking, Internet crimes

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