The cost of cybercrime rose yet again this year with the average global annualized cost coming out to $7.7 million, a new report from the Ponemon Institute and Hewlett Packard Enterprise indicates.
In the U.S., the cost of cybercrime averaged out to $15 million. Last year, the average annual cost in the U.S. was $12.7 million. Out of the seven surveyed countries, the U.S. was the one with the highest cybercrime cost; Germany was second highest, and Japan was the third.
The results stem from research and data provided by 252 countries and 2,128 interviews with company personnel. The actual cost was calculated by taking into account both the direct and indirect expenses incurred by an organization. So, for instance, a direct expense can include working with forensic experts and outsourcing hotline support. Indirect costs come from the “amount of time, effort and other organizational resources spent, but not as a direct cash outlay,” the study states.