$8 trillion ‘to be lost to cybercrime in next 5 years’

loss

Businesses are set lose $8 trillion to cybercrime over the course of the next five years, according to a new report.

Juniper Research found that enterprises around the world are more at risk due to even greater levels of internet connectivity, as well as “inadequate enterprise wide security”.

The paper, titled The Future of Cybercrime and Security: Enterprise Threats and Mitigation 2017-2022, claims that some 2.8 billion personal data records are likely to be stolen in 2017, with that number doubling to five billion three years later.

Those numbers will be particularly concerning given the increased push towards new cybersecurity systems.

However, the report claims that while progress is being made on the relevant technologies, the problem is being exacerbated by failures on the part of companies to integrate new and old systems without harming overall network security.

The research found that SMEs, many of whom typically spent less than $4,000 on security measures this year, were among the most likely to fall victim to a cyberattack, as they were less likely to implement to software updates needed to protect their network systems.

Worryingly, Juniper believes that SMEs are likely to see only a marginal increase in spending on cybersecurity over the next five years, which could in turn leave companies vulnerable, particularly in the face of increasingly sophisticated ransomware attacks.

Research author James Moar, a senior analyst at Juniper Research, said: “The attacks on hospital infrastructure show that inadequate cybersecurity can now cost lives as well as money.

“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.”

The recent WannaCryptor ransomware attack, also known as WannaCry, demonstrated this all too clearly, with many organizations the world over finding their computers locked, disrupting normal business.


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