The cost of dealing with cybercrime events has skyrocketed in the past year. According to the Cost of Cybercrime Study conducted by Hewlett Packard, the median resolution cost per event has risen more than 50% over the previous year. A potentially greater concern for businesses and organizations could be the fact that cybercrime attacks are also taking longer to resolve. The average time it took to get an organization back on track after an attack during 2011 was 18 days - a significant increase over the 14-day recovery period needed on average during 2010.
Industry analysts are also indicating that when the cybercrime attacks are a consequence of insider activity, for example hacking done by employees or others who have “inside” access to an organization’s systems, the recovery time may be even longer.
The silver lining in these statistics lies in preventative measures that can stop cybercrime in its tracks. IT solutions that include event management and the proper deployment of security data are able to provide businesses with an average cost savings of almost 25 percent compared to businesses that did not invest in prevention. According to Tom Reilly, a vice president at HP, this is “grounds for optimism in what continues to be a fierce fight against cybercrime.”
A managed services approach to workstation and network security continues to be one of the most effective and cost-effective ways to protect an organization’s IT resources. This model makes use of cloud computing strategies that allow security to monitored and managed remotely.