The price of getting hacked keeps going up. In 2015, cyber crime cost businesses $7.7 million on average; for American businesses, the damage was twice as high. That’s about 2% up from last year.

Hewlett Packard and the Ponemon Institute of Cyber Crime just released their 2015 report detailing the economic impacts of hacking, denial of service attacks, and other nefarious doings of the information age.

Conversely, the proliferation of botnets and hacking tools has lowered costs on the side of the hackers. With lower entry costs and higher payoffs, it seems like this year’s set of nasty hacks has been just the beginning of an ongoing increase in cyber crime.

Fortunately, the report also includes information on the highest payoff security steps companies can implement to lower the likelihood and impact of cyber crime for their institution.

Time to change your password?

By Sharon Campbell