The cost of cybercrime

The price tag on corporate data breaches is soaring: The rise in cybercrime is costing hundreds of billions of dollars each year.

When corporations are attacked, the costs are tremendous and rising fast.

This year, U.S. companies will spend more than $130 billion as a result of data breaches, according to the Ponemon Institute, a cybersecurity research organization. That's more than triple what companies spent combating breaches in 2006.

"The ability of bad guys to enter, steal, exit and do it in a way that's undetectable is rising," said Larry Ponemon, chairman of the Ponemon Institute. "It's a big problem and it is getting worse."

By David Goldman - Last updated July 22 2011: 10:59 AM ET
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