According to the Ponemon Institute’s Cost of Cybercrime Study, cybercrime is costing businesses, on average, $11.7 million a year, a 23 percent increase from $9.5 million last year.

The report which was developed in cooperation with Accenture, aims to quantify the economic impact of cyber-attacks and observe cost trends over time.

The study observed 15 industry sectors and found that financial services have the highest cost of cybercrime, at $18.3 million, on average, a year, followed by utilities and energy at $17.2 million a year. Healthcare sector ranked fifth with an average annual cost at $12.5 million a year.

The study also found that successful breaches per company have risen more than 27 percent. Ransomware attacks alone have doubled from 13 percent to 27 percent, with incidents like WannaCry and Petya affecting thousands of targets and disrupting public services and large corporations across the world.

To better understand the effectiveness of security technologies that companies used, the study analyzed the performance of 9 of them based on the percentage spending level and value in terms of cost-savings to the business. The findings illustrate that many organizations may be spending too much on the wrong technologies.