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
Join the Conversation
Most Popular

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.