Cyber attacks cost UK’s large organisations average £1m per attack

UK businesses are being dealt a double whammy when it comes to cyber security as an increase in spending on protecting companies is being compounded by the fact that one attack can now cost over £1 million despite the number of attacks decreasing.
 
A study that was commissioned by the Department for Business, Innovation and Skills showed that companies are having to shell out more money to stop servers from becoming compromised by hackers.
“There has been a significant rise in the cost of individual breaches. The overall cost of security breaches for all type of organisations has increased. 10% of organisations that suffered a breach in the last year were so badly damaged by the attack that they had to change the nature of their business,” stated the report.
 
 Larger organisations saw the average cost of the worst security breach of the year rise from between £450,000 and £850,000 in 2012 to between £600,000 and £1.15 million in 2013. The picture was just as bleak for small firms and showed that the average cost has risen to between £65,000 and £115,000 compared to between £35,000 and £65,000 for the year before. Full Article