According to leading market analysts Juniper Research, the increase in digitisation of business records will lead to the cost of data breaches reaching $2.1 trillion by 2019 worldwide.
In the report called “The Future of Cybercrime & Security: Financial and Corporate Threats & Mitigation” James Moar predicts the data breach cost for 2019 to be four times the amount estimated for 2015. Alongside this, as more business infrastructures get connected, the average cost of a data breach in 2020 will exceed $150 million.
According to Juniper, 60% of anticipated data breaches in 2015 will occur in North America but this figure will decrease due to more and more countries becoming economically stable and progressing to digitisation.
Moar states that most breaches will come from traditional IT systems, despite the recent growth in threats from new technologies. Regardless of the ability to transfer data over a network without human-to-human or human-to-computer interaction, mobile and other devices within the Internet of Things (IoT) are at risk but only at a minimal rate in comparison to existing network infrastructure.
This year has seen a decline in casual activist hacks and according to the research, cybercrime is becoming more professional with the introduction of cybercrime products such as malware creation software which is now readily available to buy. Juniper predicts that in the future, hacks will be less frequent but there will be more successful ones.
Moar explains that there have not been many IoT or mobile malware recently because no money can be made from this type of hack. “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. With the absence of a direct payout from IoT hacks, there is little motive for criminals to develop the required tools,” Moar said.