Analysts Juniper Research have just published a new study that suggests businesses will have to plan for some pretty shocking cybersecurity costs going forward.
Already bad enough – the group estimates they are already up to three trillion dollars per year already – by 2024, this enormous number could have gone up to more like five.
Why? Basically – data breach fines: “This [11% annual rise] 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,” says the study, The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Mitigation Strategies 2019-2024.
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Its researchers also note 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”.
“All businesses need to be aware of the holistic nature of cybercrime and, in turn, act holistically in their mitigation attempts,” warns the study’s author, Susan Morrow.
“As social engineering continues unabated, the use of human-centric security tactics needs to take hold in enterprise security.”