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Cybercrime will cost businesses over $2 Trillion by 2019

Jun 4 • Future of FIeld Service, News • 1938 Views • No Comments on Cybercrime will cost businesses over $2 Trillion by 2019

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In a time when more and more field service companies are considering moving to  cloud based solution new research from leading market analysts, Juniper Research, suggests that the rapid digitisation of consumers’ lives and enterprise records will increase the cost of data breaches to $2.1 trillion globally by 2019, increasing to almost four times the estimated cost of breaches in 2015….

The research, entitled ‘The Future of Cybercrime & Security: Financial and Corporate Threats & Mitigation, has found that the majority of these breaches will come from existing IT and network infrastructure. While new threats targeting mobile devices and the IoT (Internet of Things) are being reported at an increasing rate, the number of infected devices is minimal in comparison to more traditional computing devices.

The Cybercrime Economy Driving Action

The report also highlights the increasing professionalism of cybercrime, with the emergence of cybercrime products (i.e. sale of malware creation software) over the past year, as well as the decline in casual activist hacks. Hacktivism has become more successful and less prolific – in future, Juniper expects fewer attacks overall, but more successful ones.

‘Currently, we aren’t seeing much dangerous mobile or IoT malware because it’s not profitable’, noted report author James Moar. ‘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.’

Other key findings include:

  • Nearly 60% of anticipated data breaches worldwide in 2015 will occur in North America, but this proportion will decrease over time as other countries become both richer and more digitised.
  • The average cost of a data breach in 2020 will exceed $150 million by 2020, as more business infrastructure gets connected.

The whitepaper, ‘Cybercrime and the Internet of Threats is available to download from the Juniper website together with further details of the full research.

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