Average phishing costs are £2.4 million – about half due to productivity losses
By Damon Ankers. December 20, 2018
Ponemon Institute reveals that dealing with phishing attacks costs the average 10,000-employee company $3.77 million (GBP£2.4 million) a year.
CSO Online reports that the survey was conducted with 377 IT professionals and showed that about half of the cost was a result of productivity losses.
This is because the average employee spends over four hours a year on phishing scams.
The other costs can be broken down as follows:
- 27% – responding to a data breach due to a compromised credential
- 10% – direct costs of addressing compromised credentials
- 9% – dealing with the risk of a data breach caused by malware
- 6% – direct costs of containing malware
According to Ponemon, companies that implement staff awareness training see improvements of between 26% and 99% in their phishing email click rates.
The average improvement rate of staff awareness training programmes is 64%.
Source: IT Governance
Certes understands how phishing can effect companies, That is why Certes are working with the National Cyber Skills Centre to provide staffing and to educate how to take precautions against cyber threats.
