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Cybercrime Costs Rocket to $113B Featured Image

Cybercrime Costs Rocket to $113B

by: Bryon Turcotte  /  November 19, 2013

According to recent information documented by security awareness professionals in an article on the Digital Journal website, businesses that continue to operate without proper security training remain vulnerable to attacks and security breaches. In the report, the firm KnowBe4 said that this lack of training and preparedness could result in "future class-action lawsuits."

The cost per "cybercrime" victim has increased 50 percent, according to the article, and has been labeled the number one threat to security in the nation – leaving the total cost at $113 billion globally. According to recent studies, the article continues to state that cybercrime costs have climbed by an average of 78 percent since 2009. According to this report, the amount of time needed to recover from these attacks and security breaches has risen 130 percent.

KnowBe4 warns in the article that small and medium-sized businesses should "effectively arm themselves against cyberattacks before litigation ensues._" The firm notes in the article that "_security awareness training triples the chances of an organization being able to decrease its phishing problems."

Read more about the rising cost of cybercrime and how organizations should face the issue in the full article here at the Digital Journal.

Written by Bryon Turcotte  /  November 19, 2013