In fact, the study claims that organisations that deployed security information and event management (SIEM) solutions realised cost savings of nearly $494,000 per year.

"The purpose of this benchmark research is to quantify the economic impact of cyberattacks and observe cost trends over time," Ponemon chairman and founder, Larry Ponemon, said. "We believe a better understanding of the cost of cybercrime will assist organisations in determining the appropriate amount of investment and resources needed to prevent or mitigate the devastating consequences of an attack."