Cyber attacks cost global business over $300bn a year

Cyber attacks cost global business over $300bn a year

13 November 2015

New research from Grant Thornton International’s Business Report (IBR) survey reveals that cyber attacks are taking a serious toll on business, with the total cost of attacks globally estimated to be at least US$315bn* over the past 12 months.

In New Zealand, only 26% of respondents surveyed see cyber attacks as a threat in their sector and only 50% have a person specifically tasked with cyber-security. Sixty two per cent said they didn’t have an IT privacy and security strategy in place.

Hamish Bowen, Partner, Operational Advisory at Grant Thornton New Zealand says that, “high profile security breaches are becoming more common and without a comprehensive strategy to prevent digital crime, businesses are really putting themselves in the firing line.

“And it’s not just financial risks that businesses need to be worried about, there can be a high price to pay in terms of reputational damage as well – just look at Ashley Madison and Sony.

“IT privacy and security should be at the top of the agenda for all organisations. It’s no longer a question of if your business will come under attack, but when”.

New Zealand’s National Cyber Security Centre (NCSC) saw an increase of more than 60% in reported incidents in 2013.

“The NCSC’s 2014 and 2015 incident reports haven’t been released yet, but I’m sure we’ll see an increase in that figure for the past two years based on what’s happening in the current environment”, says Bowen.

According to the Grant Thornton IBR, cyber-attacks are estimated to have cost Asia Pacific businesses $81bn in the past 12 months, while firms in the EU ($62bn) and North America ($61bn) are also counting the significant cost of attacks.

ENDS

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