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Wednesday, 28 August 2019 01:54

Business losses to cyber crime data breaches to exceed US$5 trillion by 2024 Featured

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Business losses to cybercrime data breaches will rise from US$3 trillion each year to over US$5 trillion in 2024, an average annual growth of 11%, according to a new global cybersecurity report.

The increase in losses to cybercrime 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, according to Juniper Research’s The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Mitigation Strategies 2019-2024 report.

And Juniper says 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.

Noting that cybercrime is increasingly sophisticated, the report anticipates that cybercriminals will use AI which will learn the behaviour of security systems in a similar way to how cybersecurity firms currently employ the technology to detect abnormal behaviour.

In addition the research also highlights that the evolution of “deep fakes and other AI-based techniques” is also likely to play a part in social media cybercrime in the future.

But, Juniper says that in spite of cybersecurity becoming increasingly part of corporate culture, it is not necessarily gaining traction with system users.

As a result, Juniper expects that security awareness training will become an increasingly important part of enterprise cybersecurity practice, and the gains that can be made by increasing human awareness of cybersecurity can make more efficient use of cybersecurity spending, which Juniper expects to rise by only 8% per annum in the forecast period.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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