Cybercrime will cost businesses over $2 Trillion by 2019
- Published: Wednesday, 13 May 2015 08:22
New research from Juniper suggests that the rapid digitisation of consumers’ lives and enterprise records will increase the cost of data breaches to $2.1 trillion globally by 2019, increasing to almost four times the estimated cost of breaches in 2015.
The research, entitled ‘The Future of Cybercrime & Security: Financial & Corporate Threats & Mitigation’, has found that the majority of breaches will come from existing IT and network infrastructure. While new threats targeting mobile devices and the IoT (Internet of Things) are being reported at an increasing rate, the number of infected devices is minimal in comparison to more traditional computing devices.
The report also highlights the increasing professionalism of cybercrime, with the emergence of cybercrime products (i.e. sale of malware creation software) over the past year, as well as the decline in casual activist hacks. Hacktivism has become more successful and less prolific – in future, Juniper expects fewer attacks overall, but more successful ones.
Other key findings include:
- Nearly 60 percent of anticipated data breaches worldwide in 2015 will occur in North America, but this proportion will decrease over time as other countries become both richer and more digitised.
- The average cost of a data breach in 2020 will exceed $150 million by 2020, as more business infrastructure gets connected.
The whitepaper, Cybercrime & the Internet of Threats, is available to download from here.