Cybercrime is costing Australian organisations as much as $10.9 million annually with some falling victim to 40 successful cyberattacks each week, according to a new study. Information security research organisation Ponemon Institute completed case studies with 33 large Australian companies with more than 1000 seats (the number of direct connections to network and enterprise systems) for its 2012 Cost of Cyber Crime study. The study found that the average annualised cost of cybercrime – using this benchmark sample – was $3.2 million per year. The most costly cybercrimes continued to be caused by denial of service attacks, malicious insiders and Web-based attacks – when combined, these account for more than 60 per cent of cybercrime costs per organisation. Disruption to business processes and revenue losses represented the highest external costs. When an attack occurred, business process losses account for 41 per cent of total external costs while costs associated with revenue losses and theft of information assets represented 54 per cent of external costs, the report said. In addition, the average time to resolve a cyberattack – based on the sample – was 41 days compared to an average time of 21 days. The average cost incurred during a 21-day period was $183,479. Recovery and detection were the most costly internal activities related to cybercrime, accounting for more than half the total internal cost annually, with “productivity losses and direct labour representing the majority of the total,” the report said. Follow CIO Australia on Twitter and Like us on Facebook… Twitter: @CIO_Australia, Facebook: CIO Australia, or take part in the CIO conversation on LinkedIn: CIO Australia Related content BrandPost The future of trust—no more playing catch up Broadcom: 2023 Tech Trends That Transform IT By Eric Chien, Director of Security Response, Symantec Enterprise Division, Broadcom Mar 31, 2023 5 mins Security BrandPost TCS gives Blackhawk Network an edge with Microsoft Cloud In this case study, Blackhawk Network’s Cara Renfroe joins Tata Consultancy Services’ Rakesh Kumar and Microsoft’s Nilendu Pattanaik to explain how TCS transformed the gift card company’s customer engagement and global operati By Tata Consultancy Services Mar 31, 2023 1 min Financial Services Industry Cloud Computing IT Leadership BrandPost How TCS pioneered the ‘borderless workspace’ with Microsoft 365 Microsoft’s modern workplace solution proved a perfect fit for improving productivity and collaboration, while maintaining security of systems and data. By Tata Consultancy Services Mar 31, 2023 1 min Financial Services Industry Microsoft Cloud Computing BrandPost Supply chain decarbonization: The missing link to net zero By improving the quality of global supply chain data, enterprises can better measure their true carbon footprint and make progress toward a net-zero business ecosystem. By Tata Consultancy Services Mar 31, 2023 2 mins Retail Industry Supply Chain Green IT Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe