The average cost associated with cybercrime hit $11.7 million per business, globally, in 2017, according to a report by Accenture and Ponemon Institute.
For the report, Ponemon Institute surveyed 2,182 security and IT professionals from 254 organizations about cybercrime spending, including costs associated with IT infrastructure, economic espionage, business disruption, ex-filtration of intellectual property and revenue losses.
The $11.7 million figure represents a 23 percent increase from the $9.5 million per business reported in 2016. It also marks a 62 percent growth in spending over the last five years.
Healthcare companies spend an average of $12.47 million on cybercrime-related expenses each year, making healthcare the fifth most costly industry. Financial services companies were hit the worst, averaging approximately $18.28 million in annual cybersecurity costs, according to the report.
The most expensive type of cyberattacks are malware infections, according to the report. Malware infections cost the average business roughly $2.4 million per incident.
Click here to view the full report.