Cutting the Cost of Public Sector Cybercrime in 2018

The 2017 Cost of Cyber Crime Study surveyed more than 2,000 security and IT professionals in 254 organizations worldwide and found that cyber attacks are not slowing down. Quite the contrary: The number of cyberattacks against government agencies is increasing, with public sector organizations experiencing 53 such attacks on average per week during 2017.

The study also found that the average cost of a successful public sector cyber breach rose from $6.77 million in 2016 to $8.2 million in 2017. For all organizations studied, web-based and malware attacks remain the most common, with each web-based attack costing the impacted organization an estimated $85,583 and each malware attack costing on average $6,500.

In 2017, state-sponsored actors and cybercriminals produced more viral variants of ransomware than ever before – setting a new bar for government cybersecurity teams. Ransomware such as WannaCry and the destructive Petya variant cost public sector organizations on average $83,597, an increase from $76,513 in 2016.

Read what actions organizations can take to better protect themselves and reduce the number and impact of security breaches, even if the occurrence of cyberattacks is increasing on Security Magazine.

Track the strategic threats to your business with the Threat Brief, delivered to your email daily.

Subscribe Here