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Australia: Firms losing $3.5 million on average each year from cyber attacks

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U.S.-based Ponemon Institute has said in a study that cyber attacks are costing Australian firms across all industry sectors an average of $4.3 million Australian ($3.5 million) per year, The Sydney Morning Herald reported.

Ponemon surveyed 30 firms in the country and found that each firm faced on an average 1.6 successful attacks every week.

Ponemon's calculations showed that the organizations in the energy and utilities suffered the highest average annual cost at $8.3 million Australian ($6.8 million).

Business interruption accounted for 40% of the total external cost of breaches.

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