Dealing with cyberattacks is becoming increasingly costly for businesses according to new research from Accenture and the Ponemon Institute which have revealed that malware and “malicious insider” related attacks accounted for one-third of all cyberattack costs in 2018.
The firm interviewed over 2,600 security and IT professionals at 355 organizations worldwide to compile its “Cost of Cybercrime Study” that found the cost to businesses due to malware increased by 11 percent to more than $2.6m per company.
At the same time, the cost due to malicious insiders, which Accenture defines as employees, temporary staff, contractors and business partners, jumped by 15 percent to $1.6m per organization.
Average cost of cyberattack now exceeds $1.6 million
Together these two attack types accounted for one-third of the total $13m cost to companies from cybercrime in 2018 representing a $1.3m increase in the past year.
Accenture's study calculated cybercrime costs based on what an organization spends to discover, investigate, contain and recover from a cyberattack over a consecutive four week period.