Leading thinking

 

Cybercrime Costs More Than You Think

February 2, 2016
Tucker Warren, Jared Favole, Scott Haber, Emily Hamilton

Cybercrime has become big business. Instances of cybercrime cost the global economy about $450 billion annually. Beyond the monetary damages associated with the crime itself, an instance of cybercrime can severely damage a company's reputation, indirectly affecting the bottom line for years to come. In this paper, we explain how companies can mitigate the reputational risk associated with a cybercrime through internal and external communications practices.

Our findings include:

  • The median cost of cybercrime has increased by nearly 200 percent in the last five years and is likely to continue growing.
  • The reputational risk associated with cybercrime extends well beyond monetary damages.
  • Having a plan in place for how to respond to a cyberattack could save millions.

Check out our paper and comparison slides below:


Cybercrime Costs More Than You Think by Hamilton Place Strategies

Cybercrime By: Company, Country, Industry by Hamilton Place Strategies