HP: Corporate Cybercrime Costs Have Doubled in 4 Years


The average cost of cybercrime for American corporations has nearly doubled in the last four years, according to an annual report sponsored by the computing company Hewlett-Packard.

The study examines cyber attacks on 257 companies worldwide, including 59 based in the United States.

Attacks cost U.S. companies an average of $12.7 million during fiscal year 2014, an increase of 95 percent from 2010, when the average cost was $6.5 million, according to the study.

The average cost to U.S. companies in fiscal year 2013 was $11.6 million.

The attacks studied cost individual U.S. companies between $1.6 million and $61 million.

Denial of service attacks, malicious insiders and malicious code were the most common forms of attack, accounting for 55 percent of all reports, according to the study.

Attacks on U.S. companies are far more costly than those based in other countries, according to the study. The country with the closest average annual cost of corporate cybercrime was Germany, where companies lost an average of $8.1 million.

Read the findings HERE.

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