Data breaches to cost in excess of US$8 trillion

Over the next five years data breaches will cost businesses over US$8 trillion because of inadequate enterprise wide security and internet connectivity, according to Juniper Research.

Despite new and innovative cybersecurity solutions emerging, personal data records stolen by cybercriminals will reach 2.8 billion in 2017, doubling to 5 billion by 2020, according to new research ‘The Future of Cybercrime & Security: Enwterprise Threats & Mitigation 2017-2022.’

Juniper’s research highlights that cybersecurity issues become critical when businesses combine new and old systems, and that small and medium enterprises are especially at risk from cyberattacks.

A need for companies to put more money into cybersecurity and system upkeep is highly emphasised, as only US$4,000 has been spent on cybersecurity measures this year.

“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,” he added.

The research also noted that firms tend to run older software, which WannaCry and other recent attacks have exploited.

Written from press release by Leah Alger