Cybercrime Accounts for 75% of Financial Losses at U.S. Companies

A study by the Computer Security Institute (CSI) found that virus attacks, unauthorized access and other forms of cybercrime account for up to 75 percent of financial losses at U.S. companies, InternetNews.com reports.

The article also states these crimes can result in yearly losses of hundreds of thousands of dollars. However, the report also found that most companies are tight-lipped about computer problems.

According to InternetNews.com, CSI Director Chris Keating noted that most companies prefer to sweep computer crime under the rug, rather than go public. However, companies are slowly starting to go public more often, as 25 percent of them are reporting computer crime today, compared to 20 percent over two years ago.

The study also found that companies lost an average of $167,713, down about 18 percent from last year. It means they are doing a better job at securing their systems.

Keating noted that companies should still remain cautious as they become more dependent on computers, and criminals become more technically savvy.

The entire 2006 CSI/FBI Computer Crime and Security Survey is available at CSI’s website at www.gocsi.com.

Compiled by Paul Kerstein Keep checking in at our Security Feed page for updated news coverage.