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Cyber attacks cost $US315 billion in year: report

The global cost of cyber attacks over the past year is estimated at $US315 billion ($450.42 billion), according to a report from financial consultants Grant Thornton.

An international survey of 2500 business leaders found 19% of European companies and 18% of North American ones have suffered an attack in the past year.

Cyber attacks are estimated to have cost Asia-Pacific businesses $US81.3 billion ($115.48 billion) in the past year, compared with $US62.3 billion ($88.49 billion) for European groups and $US61.3 billion ($87.07 billion) for North America.

Despite the clear risk, only 52% of respondents have a cyber-security strategy.

Grant Thornton Cyber Security Global Leader Paul Jacobs says attacks are “an increasingly significant danger for business”.

“Not just cost in a financial sense, but serious reputational damage can be inflicted if attacks undermine customer confidence,” he said.

“The pressure from customers and clients cannot be ignored. In this digital age, rigorous security and privacy is expected. If this cannot be guaranteed, the ultimate risk is they will simply go elsewhere.”

The survey found the sector most worried by the threat is financial services: 74% of respondents express concerns about breaches and 26% have experienced one in the past year.

“Many of the perpetrators of cyber attacks are sophisticated, heavily resourced criminal organisations,” Mr Jacobs said. “As the digitisation of business continues, it is vital that businesses take the cyber threat as seriously as the criminals attempting to attack them.

“This is an issue that needs to be on the agenda in boardrooms, as well as IT departments.”