Cyberattacks Cost Big Businesses $1.3 Million in 2017: Report

The cost of cyberattacks on large businesses in North America increased to an average of $1.3 million in 2017, according to research released this week by Kaspersky Labs.

The report IT Security: cost-center or strategic investment? shows the share of global IT budgets going to security rose from 17 percent (16 percent in North America) in 2016 to 20 percent this year (18 percent in North America), indicating an increase in the perceived importance of IT security.

Kaspersky said that spending increased across businesses of all sizes as a reflection of businesses starting to consider IT security as a strategic investment. While they increased as a share of overall IT budgets, global IT security spending actually dropped dramatically, according to Kaspersky, from $25.5 million in 2016 to $13.7 million this year.


See also: The U.S. Kaspersky Ban Sets an Ugly Precedent

That would seem to suggest that global IT budgets overall fell from an average of $150 million last year to a mere $68.5 million this year – a shocking development if true. Gartner forecasts global IT spending will increase by 2.4 percent from 2016 to 2017.

Kaspersky found that globally, cyberattacks cost an average of $992,000 for large businesses in 2017, up from $861,000 in 2016, and cost SMBs $87,800 this year, up from $86,500 last year, according to a blog post.

“While cybersecurity incidents involving third parties prove to be harmful to businesses of all sizes, their financial impact on a company has the potential to result in twice as much damage,” Alessio Aceti, head of the enterprise business division at Kaspersky Lab said. “This is because of a wider global challenge – with threats moving fast, but businesses and legislation changing slowly. When regulations like GDPR become enforceable and catch up with businesses before they manage to update their policies, the fines for non-compliance will further add to the bill.”

The increasing complexity of IT infrastructure is the top factor driving budget increases at North American companies in 2017, according to the report, whereas in 2016 it was new business activities and expansion.

The largest cost associated with data breaches at North American businesses is additional staff wages ($207,000), far beyond the cost of loss of business and employing external professionals ($21,000 each).

The company also announced the launch of the Kaspersky IT Security Calculator to help businesses make informed IT security decisions.

The report comes amid controversy for Kaspersky, as its products were banned from U.S. government use last week following a statement by the Department of Homeland Security expressing concern with the ability of the Russian government to pressure the company to leverage elevated privileges to access customer computers.

1&1 Rolls Out New e-Commerce Packages at ePages Commerce Summit

At the ePages Commerce Summit in Hamburg, Germany this week, 1&1 Internet launched a new range of e-commerce shop packages powered by ePages cloud software.

The new 1&1 shop range is based on ePages Now, cloud-based software designed for rapid and easy deployment, shop functionality, and responsive websites.

Recent numbers from Statista indicate that SMB retailers account for a significant portion of the growth in online shopping revenues, set to reach $4.5 trillion by 2021. 1&1 has millions of SMB customers that will benefit from its new e-commerce offerings, according to the company.


With ePages Now, users can select a layout and customize it with a drag-and-drop design editor, and sell across different synchronized and inventoried sales channels such as marketplaces or comparison shopping engines using a “commerce cockpit.”

“Business success in the digital world is above all driven by speed and flexibility – thus SMBs must constantly adapt their business according to the high expectations of their customers in order to remain competitive,” 1&1 Internet CEO Robert Hoffmann said. “This applies especially to the ecommerce sector. With our revised eShop portfolio, we offer ‘ecommerce for everyone’. Using the 1&1 eShop based on ePages techology, SMBs can sell fast and easily on all channels. At the same time, they can concentrate on their core business – we will take care of the rest.”

The ePages Now-powered shops are now available in Germany, the UK, France, Spain, the U.S. and Canada, and is expected to launch in Mexico and Italy within weeks.

HostMySite partnered with ePages in March to launch new e-commerce plans, targeted to SMBs.

ePages also set out its technical direction and software roadmap Thursday at Commerce Summit. The company is leveraging a microservices based architecture to greatly enhance the performance of its next-generation commerce software, and deploy new functionalities for merchants. This allows developers to create new features for ePages users, and synchronize them with accounting or ERP systems.

“Our investment in a microservices architecture with an API-first approach comprises a transformational change – not only for us as a platform provider, but for the thousands of SMBs whose online success we share,” ePages CEO Wilfried Beeck said.

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Hewlett Packard Enterprise Is Said to Plan About 5,000 Job Cuts

(Bloomberg) — Hewlett Packard Enterprise Co. is planning to cut about 10 percent of its staff, or at least 5,000 workers, according to people familiar with the matter, part of a broader effort to pare expenses as competition mounts.

The reductions are expected to start before the end of the year, said the people, who asked not to be identified because the matter is private. The cuts at the company, which has about 50,000 workers, are likely to affect workers in the U.S. and abroad, including managers, the people said. A Hewlett Packard Enterprise representative didn’t immediately respond to requests for comment.

Chief Executive Officer Meg Whitman has been jettisoning divisions since 2015, including personal computers, printers, business services and key software units. The moves are all part of an effort to make HPE more responsive to a changing industry that’s under pressure from cloud providers such as Amazon.com Inc. and Alphabet Inc.’s Google.


On a call with analysts earlier this month, Whitman said the Palo Alto, California-based company is benefiting from growing demand across key areas of the business. At the same time, she said she’s pushing to cut “layers” in the organization and become more efficient.

“With fewer lines of business and clear strategic priorities, we have the opportunity to create an internal structure and operating model that is simpler, nimbler and faster,” she said.

On the same call, Chief Financial Officer Tim Stonesifer said the company is targeting $1.5 billion in savings over a three-year period.

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