Cost of cyber attacks tops $300 bn

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In the past year, more than one in six businesses faced a cyber attack with an estimated cost of $315 billion globally.

According to a survey by Grant Thornton of 2,500 business leaders in 35 economies, 15% of businesses say they have faced a cyber attack in the past year. Businesses in the European Union (19%) and United States (18%) were most heavily targeted by hackers.

The financial services industry recorded the joint-highest instances (26%) of cyber crime, Grant Thornton said

European businesses had $62.3bn (£41bn) in lost revenues from cyber attacks in the past year and the United States $61.3bn, Grant Thornton estimated.

Despite the serious risks, nearly half of businesses surveyed had no comprehensive strategy to prevent digital crime.

“Cyber attacks are an increasingly significant danger for business,” said Paul Jacobs, global leader of cyber security at Grant Thornton. “Not just cost in a financial sense, but serious reputational damage can be inflicted if attacks undermine customer confidence.”

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