Security Ranks as Top Business Priority for 2012

By siliconindia   |   Tuesday, 27 September 2011, 23:30 IST
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Bangalore ; HP announced global research that demonstrates the need for Instant-On Enterprises to adopt a new, comprehensive approach to manage risk in contemporary complex security landscape. According to the Second Annual Cost of Cyber Crime Study, cyber attacks have a significant financial impact on business and government organizations, despite widespread awareness. The study indicates that the median cost of cyber crime is now $ 5.9 million per year, a 56 percent increase from the media cost in last year’s study. More than 90 percent cybercrime costs were caused by malicious code, denial of service, stolen devices and web- based attacks. In addition, another study from Coleman Parkes , commissioned by HP, surveyed senior business and technology executives in India and collected their perspectives on risk, security threats and current priorities. The study revealed that financial risk was most critical to enterprises. The study indicated that though executives are aware of potential security threats, they lack confidence in their organizations risk management practices. Only 35 percent of business and technology leaders were very well defended against security threats. Executives said that complexity of risks has increased over 70 percent and mentioned that the volume and complexity of risks and threats continue to escalate. Nearly 80 percent of the respondents indicated that security will be a major priority for 2012, while 60 percent believe that their security budget will increase in the next budget cycle.