The staggering cost of Phishing

Phishing is a $3.7-million annual cost for average large company

By Maria Korolov

The average 10,000-employee company spends $3.7 million a year dealing with phishing attacks, according to a new report from the Ponemon Institute.

The report, which surveyed 377 IT professionals in companies ranging in size from less than 100 to over 75,000 employees, showed that about half of the costs were due to productivity losses.

The average employee wastes 4.16 hours a year on phishing scams.

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