Cyber Threats and Cyber Crime - Effects on Retailers
The average cost of a data breach ranges from $3.86 million to $350 million in case of mega breaches. It takes 365 days for companies to detect and contain a mega breach. US companies have the highest cost per breach at $7.91 million.
CYBER-ATTACKS AND COST OF CYBERCRIME PREVENTION- GREAT BRITAIN
- The British Retail Consortium reports that the expenditure on cybercrime prevention amongst its members has risen by 17%, from £139 million in 2018 to £162 million.
- The BRC states that 80% of the surveyed retailers had experienced an increase in cyber attacks. The members of BRC control 11,000 stores and have £103 billion collective turn-over.
FREQUENCY AND COST OF RANSOMWARE- GLOBAL
- Herjavec Group report states that a business fell victim to a ransomware attack every 40 seconds in 2016. In 2019, this is predicted to happen every 14 seconds while in 2021 it will go down to every 11 seconds.
- Rod Rosenstein, the Deputy Attorney General, stated that ransomware attacks are focusing particularly on businesses, with the total amount of ransom payments nearing $1 billion annually.
- Cybersecurity Ventures states that cybercrime is the biggest threat to every company in the world. They predict that the cybercrime will cost $6 trillion by 2021.
- Cybersecurity Ventures also estimates that global spending on cybersecurity products will exceed $1 trillion in the period of 2017-2021.
COST OF DATA BREACHES-GLOBAL
- An IBM study estimated that the global average cost of a data breach for businesses was $3.86 million in 2018; mega breaches cost businesses $40 million for 1 million records lost; while at 50 million records lost, this sum rises to $350 million per breach.
- The IBM study estimated that it takes 365 days on average for companies to detect and contain a mega breach.
- US companies have the highest average cost for a breach, at $7.91 million; Middle Eastern companies hold the second place at $5.31 million per breach; the lowest cost per breach was $1.24 million for companies situated in Brazil.
FULL PDF FILES OF IBM AND CYBERSECURITY REPORTS: