Tag Archives: cost

The Price Tag for Cyber Crime Continues to Increase

Cyber crime is not new. And despite grappling with it now for years, the cost of cyber crime continues to increase. This has been made plain by the 2013 Cost of Cyber Crime Study by the Ponemon Institute that was sponsored by Hewlett-Packard.

What do we learn from this study? Well, for starters, the annual cost of cyber crime is a staggering $11.56 million per U.S. organization. This represents a 26 percent increase from the $8.9 million figure from last year.

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The Cost of Cybercrime: 1.5 Million Victims Every Day

Make no mistake, Cybercrime is real and its impact is huge. Indeed, a recent Norton Cybercrime report by Symantec provides some fairly startling statistics.

For example, there are 1.5 million Cybercrime victims on a daily basis – that is 18 victims per second. There are 556 million such victims per year – in excess of the European Union total population.

Two-thirds of online adults already have been Cybercrime victims at some point in their lives, and 46% of online adults have been victims within the past year.

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E-Discovery Is More Costly, Burdensome Than You Think

Once upon a time, it was widely believed that electronic discovery would streamline litigation, making it faster, easier, less burdensome, and less expensive. So, now that we are some years into the e-discovery experience, has the prediction come true? Sadly, not necessarily.

While it is true that it can be easier to retrieve information electronically by using search terms, rather than sending teams of associates into warehouses to rummage through boxes of documents, that is just the tip of the iceberg when considering the overall e-discovery effort. And even if vast quantities of electronic information can be brought up based on a simple search, that information had to be harvested at the front-end, and ultimately will need to be reviewed at the back-end.

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