Frankly, it’s costing U.S. businesses more than other nations’ enterprises worldwide, according to data collected in the 2014 Cost of Cyber Crime Study: United Statesfrom the Ponemon Institute and HP Enterprise Security. The mean cost of cyber crime for a company in the U.S. last year was $12.7 million per year; other countries’ enterprises mean costs ranged from Germany’s $8.13 million to Russia’s mere $3.33 million. The study observes a $1.1 million (or 9.3 percent) increase in cyber crime costs for the U.S. from last year’s report.
McAfee and CSIS conclude that cybercrime costs businesses approximately $400 billion worldwide, with an impact on approximately 200,000 jobs in the United States and 150,000 jobs in the EU.
September 1, 2014
The report commends partnerships between countries for combating cybercrime, praising public-private partnerships in particular for beginning to show tangible results in terms of fighting cybercrime, such as the partnership of 11 nations to take down a crime ring associated with the GameOver Zeus botnet in June.
JPMorgan Chase and at least four other financial institutions were hacked recently in a series of coordinated attacks, and investigators believe Russian hackers were the source of the attacks, a federal law enforcement official told USA Today. What is less clear is whether the attacks were prompted by U.S. sanctions against the Russian government.
An industrial maintenance and construction firm in Tennessee is suing its bank to recover $327,000 in stolen funds, according to a Krebs On Security report. If the lawsuit proceeds to trial, it could be easier and cheaper for cyber attack victims to recover losses.
A new report from the Center for Strategic and International Studies (CSIS) and sponsored by McAfee, says that cybercrime costs businesses approximately $400 billion worldwide,with an impact on approximately 200,000 jobs in the U.S. and 150,000 jobs in the EU.
Acccording to the 2014 U.S. State of Cybercrime Survey, most U.S. organizations' cybersecurity capabilities do not rival the persistence and technological skills of their cyber adversaries.
Police in 16 countries seized cash, firearms and drugs and arrested 80 people suspected of peddling virus software believed to have infected hundreds of thousands of computers.
Credit and debit card fraud tops Americans' security concerns in 2014, against a recent backdrop of major retail and banking security breaches, according to the 2014 Unisys Security Index.