Nearly 3 billion customer data records expected to be stolen in 2017 Hampshire, UK – 30 th May 2017: A new report by Juniper Research has found that criminal data breaches will cost businesses a total of $8 trillion over the next 5 years, due to higher levels of Internet connectivity and inadequate enterprise wide security. For example, a single malware attack in 2018 costed more than $2.6 million, while ransomware costs rose the most between 2017–2018, from $533,000 to $646,000 (a 21% increase). Unauthorized access to Epsilon’s system resulted in the most expensive data breach. You can offer your link to a page which is relevant to the topic of this post. The reservation system of Marriott’s Starwood subsidiaries that contained personal details of 500 million customers was compromised via unauthorized access. Get a highly scalable identity and access management system that dramatically accelerates time-to-market. Looking at the global economy as a whole, researchers used real-world analogies to … The poorly monitored network means that a malicious attack can be performed through your network’s back door without being noticed. Experts estimate in a new analysis that cyber crime costs the global economy as much as $600 billion annually, underscoring the massive growth in malicious activity online in recent years. One unpatched computer was enough to affect and bring down the whole network. "Cybercrime and cyber espionage cost the global economy billions of dollars every year. New technologies and connections mean new threats to some countries and new opportunities to others. … The Hidden Costs of Cybercrime report states that costs have risen … Organizations spend more than ever to deal with the costs and consequences of more sophisticated attacks— the average cost of cybercrime for an organization increased US$1.4 million to US$13.0 million. You can then update your LinkedIn sign-in connection through the Edit Profile section. In just one minute on the internet, $2.9 million is lost to cybercrime, according to the annual Evil Internet Minute report from RiskIQ.. After analyzing proprietary research and data derived from the volume of malicious activity on the internet, the report found that Last year, the insurance industry took in $2.5 billion in premiums on policies to protect companies from losses resulting from hacks. Highlights from our findings show: Average number of security breaches in 2019, Increase in security breaches since last year, Increase in security breaches in the last five years, Organizations could benefit from US$5.2 trillion of future revenues over the next five years, Senior Global Managing Director – Accenture Security, Managing Director – Accenture Security North America, Managing Director, Lead – Accenture Security Europe and Latin America, Reinventing the internet to secure the digital economy, Build resilience into your extended environment, including the cloud, mobile devices and the Internet of Things. There is already a separate, active Accenture Careers account with the same email address as your LinkedIn account email address. Your country* By prioritizing technologies that improve cybersecurity protection, organizations can reduce the consequences of cybercrime and unlock future economic value as higher levels of trust encourage more business from customers. 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