Financial firms bear the largest share of cyber attack costs

Digital Insurance | August 05, 2019

Financial firms bear the largest share of cyber attack costs
The cost to address and contain cyber attacks is greater for financial services firms than for companies in any other industry, and the containment costs continue to rise, according to a report from IT services provider Accenture and security research firm Ponemon Institute. The report found that the average annualized cost of cyber crime for financial services companies globally has increased to $18.5 million, the highest of all industries included in the study and more than 40 percent higher than the average cost of $13 million per company across all industries. For the study, Ponemon Institute gathered data from 2,647 interviews conducted over a seven-month period from a benchmark sample of 355 organizations in 11 countries. The financial services industry data was collected from 537 interviews from a benchmark sample of 72 financial services companies in multiple countries.

Spotlight

The Application Usage And Threat Report provides an analysis of applications and their link to cyber threats within the enterprise.

Spotlight

The Application Usage And Threat Report provides an analysis of applications and their link to cyber threats within the enterprise.

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