A new report by Juniper Research forecasts that criminal data breaches will cost businesses a total of US $8 trillion over the next 5 years, due to higher levels of internet connectivity and inadequate enterprise wide security.
The new research, The Future of Cybercrime & Security: Enterprise Threats & Mitigation 2017-2022, forecasts that the number of personal data records stolen by cybercriminals will reach 2.8 billion in 2017, almost doubling to 5 billion in 2020, despite new and innovative cybersecurity solutions emerging. It highlights cybersecurity problems becoming particularly acute when businesses integrate new and old systems without regard to overall network security.
SMEs Pose Key Risk
Juniper found that SMEs (small and medium enterprises) are particularly at risk from cyberattacks, spending less than US $4,000 on cybersecurity measures this year. Only marginal increases in security spend are expected over the next 5 years as the firm within this segment also tend to run older software, which WannaCry and other recent cyberattacks have exploited.
The research highlights a need for companies to put more money into cybersecurity and system upkeep, which should be treated as a vital element of workplace safety.
“The attacks on hospital infrastructure show that inadequate cybersecurity can now cost lives as well as money,” remarked research author James Moar. “Businesses of all sizes need to find the time and budget to upgrade and secure their systems, or lose the ability to perform their jobs safely, or at all.”
Ransomware-as-a-Service is Here
Juniper’s threat analysis shows that ransomware is becoming a far more advanced form of malware, as ransoming stored data and devices become easier and more valuable than stealing financial details.
Juniper expects ransomware to rapidly develop into simple-to-use toolkits, the same way banking Trojans developed into ‘products’ that required little or no programming knowledge to use.
The report provides an examination of the current market environment and threat landscape for cybersecurity and presents need-to-know information on the state of cybersecurity legislation, key player strategies and overall trends affecting the market, focusing on various areas including: endpoint security, network security, Cloud security and IoT security.