RSA has announced the results of a study conducted by the Ponemon Institute, looking at the cost of fraud and online disruption coincident with Cyber Monday. The study surveyed 1,100 IT staff inside of retail organizations in the U.S. and UK.
According to the study, Cyber Monday represents an average 55-per cent surge in daily online/mobile retail revenues.
A corresponding surge in attacks drives hard losses, on average, as much as $500,000 per hour or $8,000 per minute. Customer churn from reputation and brand damage can drive losses to as much as $3.4 million from a single hour of disruption.
Demetrios Lazarikos, IT Threat Strategist, Security Division of EMC, RSA, said, The competitive climate and the unpredictability of the economy do not leave organizations much margin for business error. Business logic abuse hides in plain sight because it uses 'legitimate' processes for illegitimate gain. The problem requires universal visibility, a risk layered approach, and a new way of understanding the adversary. Isolating the outliers in crowd behaviour that indicate attacks is critical for identifying malicious behaviour and business logic abuse.
While 64 per cent of organizations see significant increases in attack activity, only 23 per cent of attacks can be detected quickly and remediated, and nearly 70 per cent of organizations do not take additional precautions in anticipation of increased attacks.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.