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 Sponsored by SAP When natural disasters strike Japan, Ōita University’s EDiSON is ready to act With the technology and assistance of SAP and Zynas Corporation, Ōita University built an emergency-response collaboration tool named EDiSON that helps the Japanese island of Kyushu detect and mitigate natural disasters. By Michael Kure, SAP Contributor Dec 07, 2023 5 mins Digital Transformation brandpost Sponsored by BMC BMC on BMC: How the company enables IT observability with BMC Helix and AIOps The goals: transform an ocean of data and ultimately provide a stellar user experience and maximum value. By Jeff Miller Dec 07, 2023 3 mins IT Leadership brandpost Sponsored by BMC The data deluge: The need for IT Operations observability and strategies for achieving it BMC Helix brings thousands of data points together to create a holistic view of the health of a service. By Jeff Miller Dec 07, 2023 4 mins IT Leadership how-to How to create an effective business continuity plan A business continuity plan outlines procedures and instructions an organization must follow in the face of disaster, whether fire, flood, or cyberattack. Here’s how to create a plan that gives your business the best chance of surviving such an By Mary K. Pratt, Ed Tittel, Kim Lindros Dec 07, 2023 11 mins Small and Medium Business Small and Medium Business Small and Medium Business 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