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Survey: Financial fraud the main cause for cybercrime

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According to recent research conducted by Check Point Software Technologies, 65 percent of organizations that were the target of cyberattacks said the hacker's goal was financial fraud, which resulted in business disruption and the loss of sensitive information.

"Cybercriminals are no longer isolated amateurs," said Tomer Teller, security evangelist and researcher at Check Point. "They belong to well-structured organizations, often employing highly-skilled hackers to execute targeted attacks, many of whom receive significant amounts of money depending on the region and nature of the attack."

Dr. Larry Ponemon, chairman and founder of the Ponemon Institute,said C-level executives are increasingly becoming concerned with targeted attacks and are considering ways to increase cybersecurity within their companies.

The "Impact of Cybercrime on Businesses" report revealed that businesses experience an average of 66 new attempted security attacks per week, and successful attacks can cost businesses up to $300,000.  

Businesses can eliminate some of the financial problems associated with cybercrime by purchasing a cyber liability insurance policy, which can ease the financial burden related to lost or compromised customer data, in certain situations.

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