Financial companies suffer on average $18.28 million costs resulting from cyberattacks

14 February 2018

In the report titled “Cost of Cyber Crime Study,” Accenture and Ponemon Institute cites the figures related to the losses and costs borne by financial companies as a result of continuous cyberattacks and, hence, in connection with the need to protect their systems against breaches.

The number of data breaches has increased three times within the past five days, the report says, and the average cost of cybercrimes committed to compromise systems of financial institutions has grown by over 40% during the past 3 years to the level of $18.28 million (as estimated as of the end of 2017). In contrast, the same amount was $12.97 million three years ago.

Meantime, the report underscored that financial companies, while experiencing severe pains associated with the costs resulting from hacking attempts, they remain more vigilant and proactive when it comes to taking defensive measures using cutting-edge technologies. Financial firms spend more on cyber protection tools including intelligence, automation and machine learning solutions. The report shows that the number of data breaches per one company surged from 20 in 2012 to 125 in 2017, slightly below the same number across all industries in general (130).

Chris Thompson, speaking for Accenture, noted that despite the growth in costs related to cyberattacks in the financial services environment, players in this industry continue keeping more balanced and appropriate approach to spending on security technologies for protecting their networks against ever worsening hacking attacks as compared to companies in other industries.

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