Cost Of Cyber Crime Has Risen In Japan And Australia

The past few months have seen many cyber attacks on different systems all over the world. The Unites States has reported several cases of data breaching, exposing private information of government officials. Massive data breaches have also occurred to the havkers themselves, and Italian group Hacking Team has had its secret transactions exposed to public domains over the internet.

Dealing with cyber attacks take time and money, and costs have reached millions of dollars in order to resolve a cyber attack. ZDNet has reported that this year, the average cost of cybercrime per organization per year has reached $7.7 million. The increase has been found to apply across seven countries.

The cost of cybercrime in Japan and Australia, in particular, has risen. A study done by Hewlett-Packard puts the increase of cyber crime cost in Japan by 14 percent. The cost of cybercrime in Australia has climbed up by 13 percent. In Japan, the study puts the cost at $6.81 million, while it is $3.47 million in Australia. The study has 60 respondents from the two markets.

Two hundred and fifty-two companies in the seven countries have been surveyed by the study. Almost 2,000 cyber attacks have been analyzed across the regions, which include the United States, the United Kingdom, Brazil, the Russian Federation and Germany.

The study has reported that the companies take an average of 46 days to resolve the attacks this year. The time varies depending on the gravity of the attacks. Crimes done by insiders expectedly take more time to get resolved. The study reported that Australia needs about 50 days to solve malicious attacks, while Japan needs 37. Recovery and detection have been found to be most costly in the two countries.

A study done by Ponemon Institute revealed that the cost of cybercrime in the United States has reached $15 million this year, WWLP reported. The figure is a 19 percent increase from the previous year and is taken from about 58 large U.S. companies. 

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