Info Image

Rapid Digitization will Push Cost of Data Breaches to $2.1 Trillion by 2019

Rapid Digitization will Push Cost of Data Breaches to $2.1 Trillion by 2019 Image Credit: Juniper

The rapid digitization of consumers’ lives and enterprise records will increase the cost of data breaches to $2.1 trillion globally by 2019, according to a new research by Juniper Research, representing a four-fold increase compared to current figures. 

Via its ‘The Future of Cybercrime & Security: Financial and Corporate Threats & Mitigation’, Juniper Research found that the majority of these breaches will come from existing IT and network infrastructure. At the same time, the firm also found that 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 the more traditional computing devices.

Of the total anticipated breaches this year, nearly 60% are expected to occur in North America, but this proportion will decrease over time as other countries become both richer and more digitized. Juniper Research noted that the average cost of a data breach in 2020 will exceed $150 million as businesses continue to deploy highly connected infrastructure. 

James Moar, Report Author, Juniper Research
Currently, we aren’t seeing much dangerous mobile or IoT malware because it’s not profitable. 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.

Author

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

PREVIOUS POST

Encrypted Internet Traffic to Make up 75% Total Traffic in North America In 2016 - Sandvine

NEXT POST

Infonetics: VoLTE Major Driver for the 37% Growth in Carrier VoIP and IMS Market