Study: Tab for cybercrime to reach $2 trillion by 2019

A new report from Juniper Research suggests that the rapid digitization of consumers’ lives and enterprise records will increase the cost of data breaches to $2.1 trillion globally by 2019, almost four times the estimated cost of breaches in 2015.

“The Future of Cybercrime & Security: Financial and Corporate Threats & Mitigation” report found that the majority of breaches will come from existing IT and network infrastructure. While new threats targeting mobile devices and the Internet of Things are increasing, these will remain minimal in comparison with more traditional computing devices, a Juniper press release said.

The report also highlights the increasing professionalism of cybercrime, as well as the decline in casual activist hacks. Juniper said it expects fewer attacks overall, but more successful ones.

“Currently, we aren’t seeing much dangerous mobile or IoT malware because it’s not profitable,” the report’s author James Moar said. “The kind of threats we will see on these devices will be either ransomware, with consumers’ devices locked down until they pay the hackers to use their devices, or as part of botnets, where processing power is harnessed as part of a more lucrative hack.”

Other findings from the report:

  • nearly 60 percent of anticipated data breaches worldwide in 2015 will occur in North America, but this proportion will decrease as other nations become increasingly prosperous and digitized;
  • the average cost of a data breach in 2020 will exceed $150 million due to the increasing interconnectedness of business infrastructure.

Download the white paper, “Cybercrime and the Internet of Threats” from the Juniper website.

 

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