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Cybercrime Costs Skyrocket
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Mathew
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Mathew,
User Rank: Moderator
10/10/2013 | 4:11:22 PM
re: Cybercrime Costs Skyrocket
No mention of PCI-DSS. Have you ever seen research demonstrating that PCI-DSS has decreased the incidence of companies storing -- or losing -- unencrypted credit/debit card data?
Marilyn Cohodas
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Marilyn Cohodas,
User Rank: Author
10/10/2013 | 1:06:45 PM
re: Cybercrime Costs Skyrocket
Makes sense, to me that financial service are a major target for cybercrime -- and also that industry would be spending a lot more money on protection.

I'm curious, though. Matt. Did the report make any mention of whether Payment Card Industry Data Security Standards (PCI-DSS) are having any impact on the threat landscape?
Marilyn Cohodas
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Marilyn Cohodas,
User Rank: Author
10/10/2013 | 1:00:51 PM
re: Cybercrime Costs Skyrocket
"Notably, the study reported that businesses with security intelligence programs and tools in place enjoyed an average cost savings of nearly $4 million when compared to companies not deploying security intelligence technologies."

That seems like a pretty respectable ROI for next gen security tools. I'm wondering if InformationWeek readers are seeing a similar payback. Thoughts anyone?
Mathew
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Mathew,
User Rank: Moderator
10/10/2013 | 9:51:03 AM
re: Cybercrime Costs Skyrocket
Greg, the researchers said they couldn't find clear differentiation between different industries. Although it's worth noting that businesses in the U.S. (and Germany) may spend more, simply because they're not only facing a higher volume of attacks, but tailoring their defenses accordingly. All that said, financial services firms tend to see a huge number of attacks, relatively speaking, so their spending is going to be higher.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Apprentice
10/9/2013 | 2:47:04 PM
re: Cybercrime Costs Skyrocket
This numbers are alarming, to say the least. Was there any industry break down when it comes to the costs? We know that financial services is a favorite target, but how do the costs compare in FS vs retail, utilities and other areas?
WKash
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WKash,
User Rank: Author
10/8/2013 | 9:34:33 PM
re: Cybercrime Costs Skyrocket
Interesting: The highest costs were seen by businesses in the United States (averaging $11.6 million per business) and Germany ($7.6 million) vs Japan ($6.7 million) and
France ($5.1 million) and the United Kingdom ($4.7 million) and Australia ($3.7 million).

... and observation that the United States were also more likely than companies in other countries to be targeted by costly malicious code and distributed denial of service (DDoS) attacks.
I


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