New Ponemon Study Finds the Annual Cost of Phishing Scams Has More Than Tripled Since 2015

A new study from the Ponemon Institute finds that the financial costs incurred from phishing scams has significantly increased over the past six years. The report, titled The Ponemon 2021 Cost of Phishing Study, concludes the average annual cost of a phishing scam in 2021 is approximately $15 million for a 9,600-employee organization, or around $1,500 per employee. The study also highlights that the inability for organizations to contain malware is one factor behind the increasing cost of phishing attacks. Additionally, credential compromises are significantly increasing the costs associated with phishing attacks. Over the past year, organizations experienced on average 5.3 compromises. Researchers estimate that IT personnel spend 2,050 hours investigating and responding to only one compromise. The report predicts that “successful phishing attacks will continue to increase as organizations struggle to secure a growing remote workforce due to the COVID-19 pandemic.” For more report highlights, or to download the full report, visit Proofpoint.