Cybercrime Costs Rocket to $113B

Businesses that continue to operate without the proper security training remain vulnerable to attacks and security breaches, according to recent information documented by security awareness professionals in an article on the Digital Journal web site. In the article, the firm KnowBe4 said that this lack of training and preparedness can result in “future class-action law suits.”

The cost per “cybercrime” victim has increased 50 percent, according to the article, and has been labeled the number one threat to security in the nation – leaving the total cost at $113 billion globally. The article continues to state that according to recent studies, cybercrime costs have climbed by an average of 78 percent since 2009. The amount of time needed to recover from these attacks and security breaches has climbed 130 percent, according to this report.

KnowBe4 warns in the article that small and medium-sized businesses should “effectively arm themselves against cyberattacks before litigation ensues.” The firm notes in the article that “security awareness training triples the chances of an organization being able to decrease its phishing problems.”

Read more about the rising cost of cybercrime and how organizations should face the issue in the full article here at the Digital Journal.

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