Cost of a Cyberattack: $100,000 Per Hour for Some Retailers

Cost of a Cyberattack: $100,000 Per Hour for Some Retailers

“If your business has ever been targeted by a cyberattack, you’re not alone: more than 300 businesses reported being the target of such an attack, according to a new study.

Performed by Neustar, an Internet-analytics company, the study says businesses across many industries were targeted. IT professionals in the telecommunications, travel, finance, and retail industries all reported they were hit by some form of cyberattack.

Cyberattacks come in many varieties, but among the most common is the DDoS, or Distributed Denial of Service attack, wherein a site is overloaded with traffic from thousands or millions of different sources, overloading servers and forcing a site outage. Such attacks can be controlled and managed for hours or even days.

Ted Swearingen, director of information security operations at Neustar, says the number of cyberattacks and the variety of industries affected have increased dramatically.

“We’ve seen a game change in last two years,” Swearingen told Mashable. “It’s significant. The damage that comes with one of these attacks — the thought of being down for a day, not being able to sell goods or services online is just amazing in terms of monetary cost.”

The costs can indeed be high. 65% of businesses said a site outage would cost them up to $10,000 an hour, 21% said it would run them $50,000 an hour, and 13% of businesses would lose $100,000 every hour if their site went down.”

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