Data breaches rose by 11% last year, despite increased defense spending
The expanding cyber threat landscape and new business innovation are leading to an increase in cyber attacks, according to a new report from the Ponemon Institute and Accenture.
In the Ninth Annual Cost of Cybercrime Study, which is based on interviews with 2,647 senior leaders from 355 companies across 11 countries and 16 industries, the firms noted that the average number of security breaches at organizations studied in the last year grew by 11 percent, from 130 to 145.
This was the case despite the fact that organizations are spending more than ever to deal with the costs and consequences of more sophisticated attacks. The average cost of cybercrime for an organization increased $1.4 million to $13.0 million.
Improving cyber security protection can decrease the cost of cybercrime and open up new revenue opportunities, the report said.
By prioritizing technologies that improve cyber security protection, organizations can reduce the consequences of cybercrime and unlock future economic value, as higher levels of trust encourage more business from customers.
The study recommended three steps to unlocking the value in cyber security: Prioritize protecting people-based attacks; invest to limit information loss and business disruption; and target technologies that reduce rising costs.