Analysts Juniper Research have issued a shock prediction: the cost of data breaches will rise from an already insane $3 trillion each year to over $5 trillion in 2024 – an average annual growth of 11%, and a cumulative one of 70.
The reason: not so much the hackers as the regulators.
Specifically, states the group, “this [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”.
As a result, warns report author Susan Morrow, “All businesses need to be aware of the holistic nature of cybercrime and, in turn, act holistically in their mitigation attempts.
“As social engineering continues unabated, the use of human-centric security tactics needs to take hold in enterprise security.”
Her study – The Future of Cybercrime & Security – provides a thorough examination of the current market environment and threat landscape for cybersecurity.
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The Juniper analysis also presents information on the state of cybersecurity legislation, in-depth analysis of player strategies and an assessment of the overall trends affecting the market, focusing on the following areas:
- Endpoint & Network Security
- Cloud Security & Identity & Access Management
- IoT & Device Security.
The report also warns that cybercriminals will use AI (Artificial Intelligence) techniques to learn the behaviour of security systems in a similar way to how cybersecurity firms currently employ the technology to detect abnormal behaviour.
It also highlights that the evolution of deep fakes and other AI-based techniques is also likely to play a growing role in social media cybercrime in the future.
In spite of cybersecurity becoming increasingly part of corporate culture, it is not necessarily gaining traction with system users.
As a result, Juniper Research expects that security awareness training will become an increasingly important part of enterprise cybersecurity practice.
Finally, the gains that can be made by increasing human awareness of cybersecurity can make more efficient use of cybersecurity spending, which Juniper Research expects to rise by only 8% per annum in the forecast period.