Cyber-crimes cost £2.3 million per minute in 2018

By Chandu Gopalakrishnan for SC Media
Wednesday, July 24, 2019

• 3k
• 59
• 58
• 59
• 28
• More
• 58
• 59
• 58

"For the ninth year in a row, healthcare organisations had the highest cost of a breach – nearly US$ 6.5 million (£5.2 million) on average (over 60 percent more than other industries in the study)," the study said. NHS, still recovering from the WannaCry impact, remains highly vulnerable to cyber-attacks.

The numbers in the IBM report are modest, said Ilia Kolochenko, founder and CEO of ImmuniWeb.

"I think that true aggregated costs of a data breach are considerably higher than the numbers from this alarming report. It is often impossible to measure damages in a reliable and certain manner due to their ongoing effect and indirect nature," said.

He observed that companies usually calculate immediate and direct losses alone, omitting possible legal costs and regulatory penalties that may take years to get into the accounting books. Read Full Article