Cyber Attacks Cost Business Over $300bn Worldwide Last Year

New research from Grant Thornton reveals that cyber attacks are taking a serious toll on business, with the total cost of attacks globally estimated to be at least US$315bn over the past 12 months. 

The Grant Thornton International Business Report (IBR), a global survey of 2,500 business leaders in 35 economies, reveals that more than one in six businesses surveyed faced a cyber attack in the past year. With high-profile security breaches and hacks becoming more prevalent, nearly half of firms are putting themselves in the firing line with no comprehensive strategy to prevent digital crime.

According to the IBR, 15% of businesses say they have faced a cyber attack in the past year. Businesses in the EU (19%) and North America (18%) have been most heavily targeted. However, no region has been immune. The Australian Cyber Security Centre recently raised concerns about the level of attacks there, while hacks into customer databases affected the Planned Parenthood Federation of America. Regionally, cyber attacks are estimated to have cost Asia Pacific businesses $81bn in the past 12 months, while firms in the EU ($62bn) and North America ($61bn) are also counting the significant cost of attacks.

Further analysis of the results reveals that the average cyber attack costs businesses 1.2% of revenues. But despite the clear risk, only just over of half of firms surveyed (52%) said they currently have a cyber security strategy in place.

Where businesses are implementing cybersecurity strategies, the number one driver cited is client/customer demand (44%). 42% of businesses have implemented a strategy because of an increased use of automation and other emerging technologies which could leave them exposed.
Grant Thornton: http://bit.ly/1OeK6uX