Cybersecurity Ventures reckons cyber crime generally will incur a global cost in excess of €5trn annually by the end of 2021, up from €2.5trn in 2015. Cybersecurity Ventures’ damage cost projections are based on historical cyber crime fi gures including recent year-on-year growth, a dramatic increase in hostile nation state sponsored and organised crime gang hacking activities, and a cyber attack surface which will be an order of magnitude greater in 2021 than it is now. It also factors-in reputational damage, and repercussions that arise therefrom (such as a fall in company share value and investor interest). This means that the overall fi nancial impact across all these types of cyber attack incidents is diffi cult to determine with assured accuracy. Some attempts factor-in a wide range of contributory factors – such as the ones outlined above – while others focus on ‘above-the-line’ incurrences. For instance, should the salary costs to employers of cyber-awareness training, recruiting additional IT security personnel, or contracting third-party security experts, count as defensive costs? When chief executives are trying to fi gure-out how their fi nances
are being hurt by cube attacks should also be mindful of when the fi nancial pain will occur, counsels IBM Security’s Cost of a Data Breach Report (2019). Its research found that about one-third of data breach costs occurred more than one year after a data breach incident in the 86 companies it was able to study over multiple years. While an average of 67% of breach costs came in the fi rst year, 22% in the second year, and 11% of costs occurred more than two years after a breach. The ‘long-tail’ costs of a breach were higher in the second and third years for organisations operating in highly regulated environments, such as the healthcare and fi nance industries. Organisations in a high regulatory environment saw 53% of breach costs in the fi rst year, 32% in the second year and 16% more than two years after a breach.
ACCREDITATION Words | James Hayes Photography | Shutterstock
DEUTSCHE VORSCROLLEN
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