Speed is essential to minimize the effects of cyber crime, Kaspersky Lab says  (Photo: Kaspersky)

A new Kaspersky Lab report warns that recovering from a successful cyber attack can be extremely costly.

The average cost of recovery from a single security incident is 86,500 dlrs for small and mid-sized companies, but it could be as high as 861,000 dlrs for big companies, the cyber security experts said.

In a poll of more than 4,000 executives in 25 countries, Kaspersky found that IT security budgets are set to grow 14 pc on average over the next three years. IT infrastructure complexity is cited as the main reason for investments in security.

More than a third of all businesses said they had been affected by viruses and malware and suffered productivity losses as a result. More than a third also said employees had violated company rules for the use of IT resources. And one in five executives said their companies had experienced either data loss or exposure as a result of targeted cyber attacks.

Kaspersky said speed was essential when a company is under attack. "In all cases, the financial impact has been seen to increase with time," the report said, adding that the quick detection of a data breach was "a key factor in minimizing not only data loss but the financial cost to the business."