Impact of Cybercrime on Businesses

June 17, 2012, by | Start Discussion

IT security is more important for businesses than ever.

A study that was carried out by the Ponemon Institute has revealed that businesses lacking in IT security could be losing over £200,000. The study, entitled “Impact of Cybercrime on Businesses”, surveyed 2,618 C-level IT security and executive personnel with the aim of finding out what everyone has in common. The survey spanned the United States, United Kingdom, Hong Kong, Brazil and Germany. It was found that in the latter country, cyber-attacks cost businesses more than anywhere else, with the average cost being around $298,359. The average cost that cyber-attacks will have on companies in the United States is $276,671, if they are successfully carried out.

Clearly, companies that do not pay adequate attention to their IT security are at risk. Anyone with a computer should make sure that their data is adequately protected, even if they only use it for leisure activities such as playing on or surfing social networking websites like This is because personal data will always become stored on their computers and it is important to avoid that data being accessed. However, it is even more important for businesses to protect themselves against online crime, and the figures from the Ponemon Institute's survey speak for themselves.

For those who carry out online crime, the aim is mainly financial gain. This type of fraud is the most common motive for cybercrime, with others being the theft of customer data and the disruption of the operations of a business. As well as adequately protecting their computers and online security, those in the workplace should not forget about their personal mobile devices. This includes tablets and smartphones and many companies are implementing training programs to help their employees remain aware of the risk from cyber-attack.

There are many ways in which internet users can protect themselves from cyber-attack. Change passwords regularly and ensure that they are complicated words, with numbers and symbols if possible. Always sign out of everything when you are finished, whether it is an e-mail account or a social networking site to minimize the risk of hacking. Run regular virus scans on your computer and make sure that your software is up to date. Never give out your personal information to anyone that you do not trust and be generally smart about internet usage. Hopefully this will go a long way to helping prevent cybercrime in the future.

Sagar Nangare

Sagar Nangare works as a webmaster at ClubHack Magazine. Sagar is currently working for Dimakh Consultants as Social Media Manager & SEO Executive



Sagar is IT Engineering Student. Currently working as a WEB DEVELOPER.

Leave a Reply