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Should your company be concerned about attacks on your computer system - known as Cyber Attacks? And even though you are a small company, will you experience a Cyber Attack? The answer to both of these questions is "yes".    Please note that Cyber Attacks come in numerous form, such as viruses, worms, Trojans, phishing, social media, malicious insiders, malware, malicious codes, botnets, etc.  You would most likely be amazed at the ability of hackers to corrupt or invade your computer system and data.  Following are statistics from a 2012 "Cost of Cyber Crime" study conducted by the Ponemon Institute.

            1.    Average annual "web-based" attacks direct entity cost is $143,209, and it takes an average of 19.1 days to resolve the attacks.

            2.    Average annual "malicious code" direct entity cost is $124,683, and takes an average of 39.3 days to resolve.

            3.    Average annual "phishing" and "social media" attacks result in direct costs of $35,514 and take an average of 8.9 days to resolve.

            4.    "Virus", "worms", and "Trojan" attacks average $2,054 in direct costs and take 2.5 days to resolve.

            5.    "Botnet" attacks average $1,627 in direct costs and take 1.9 days to resolve.

            6.     "Malware" attacks average $1,090 and take 2.2 days to resolve.

            7.    The average mitigation and damage cost due to the invasion of privacy caused by a breach of security ranges from $200,000 per incident to $485,000 per incident.

Also, new Disclosure Laws have a huge impact and create additional liability exposures.  Companies must notify customers of computer security breaches affecting unencrypted personal/financial information such as credit card data, bank account numbers, social security numbers, etc.  It is estimated that the cost to notify customers and meet other legal requirements due to a security breach is $188 per compromised customer.

Finally, the above numbers do not take into account the costs to your company while your computer system is down and this could be significant.

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Webb, Young, Webb, Woolsey, Liles & Tolentino
3007 NW 63rd Street, Ste. 130
Oklahoma City, OK 73116

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