A new report produced by Juniper Research outlines that the cost of data breaches will rise from $3 trillion each year to over $5 trillion in 2024, representing an average annual growth rate of 11%. This uptick will primarily be driven by increasing fines for data breaches as regulation tightens, as well as a greater proportion of business lost as enterprises become more dependent on the digital realm.
The new research, entitled ‘The Future of Cyber Crime and Security: Threat Analysis, Impact Assessments and Mitigation Strategies 2019-2024’, notes that, while the cost per breach will steadily rise in the future, the levels of data disclosed will make headlines, but not impact breach costs directly as most fines and lost business are not directly related to breach sizes.
Cyber crime is increasingly sophisticated. The report anticipates that cyber criminals will use Artificial Intelligence (AI) which will learn the behaviour of security systems in a similar way to how cyber security firms currently employ the technology to detect abnormal behaviour. The research also highlights that the evolution of deep fakes and other AI-based techniques is also likely to play a part in social media cyber crime in the future.
In spite of cyber security becoming part of corporate culture, it’s not necessarily gaining traction with system users. As a result, Juniper Research expects that security awareness training will become an increasingly important part of enterprise cyber security Best Practice.
The gains to be made by increasing human awareness of cyber security can make more efficient use of cyber security spending, which Juniper Research expects to rise by only 8% per annum in the forecast period.
“All businesses need to be aware of the holistic nature of cyber crime and, in turn, act holistically in their mitigation attempts,” remarked research author Susan Morrow. “As social engineering continues unabated, the use of human-centric security tactics needs to take hold across the enterprise security domain.”
*Download Juniper Networks’ free White Paper entitled ‘Cyber Crime and the Internet of Threats 2019’