The typical cost for companies affected by a loss of data through illegal cyber activities has risen in the last five years.
HP has published its annual Cost of Cyber Crime Study in association with the Ponemon Institute and revealed that since the report was first published in 2009, the cost to businesses from cyber threats has risen by 96 per cent.
Meanwhile, the findings revealed the average time required to resolve a cyber attack has also grown by 33 per cent over the same timeframe.
As a result, it is recommended that businesses not only invest in the latest security measures to protect their networks, but also efficient data recovery systems to ensure that in the event of a breach files can be restored as swiftly as possible, resulting in less downtime and associated costs.
Art Gilliland, senior vice president and general manager for enterprise security products at HP, commented: “No amount of investment can completely protect organisations from highly sophisticated cyber attacks, but improving and prioritising your organisation’s ability to disrupt the adversary with actionable intelligence solutions … can significantly improve attack containment.”
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