Despite legislation like GDPR mandating strong cyber-security and authentication measures, average levels of cyber-security spend remain relatively static
The number of cyber-security breaches are expected to nearly triple over the next five years, leading to a cumulative loss of more than 146 billion records by 2023, according to new research.
The bleak prediction comes in a new report, released by Juniper Research, which found that more than 33 billion records will be stolen by cyber criminals in 2023 alone, an increase of 175 per cent over the 12 billion records expected to be compromised in 2018. The net result will be a loss of 146 billion records for the whole period.
Meanwhile, the research and analytical services firm expects cyber-security spend to only increase by an average of 9 per cent per company, per annum.
The new research, The Future of Cybercrime & Security: threat analysis, impact assessment & leading vendors 2018-2023, found that, in spite of legislation like GDPR and PSD2 mandating strong cyber-security and authentication measures to protect personal and financial data, average levels of cyber-security spend will remain relatively static.
Spend by small businesses in 2018 will only make up 13 per cent of the overall cyber-security market in 2018, despite over 99 per cent of all companies being small businesses. In addition, the cost of breaches can exceed millions of dollars, dwarfing the turnover of such businesses.
Many of these companies use consumer-grade products, spending on average under $500 per year on cyber-security. With many such businesses digitising, this will leave them vulnerable to newer forms of malware which require more advanced cyber-security, beyond simple endpoint protection, the report warned.
“Juniper’s strategic analysis of 48 leading cyber-security companies shows that AI and predictive analytics are now table stakes for this market”, said James Moar, senior analyst at Juniper Research and report author. “These technologies need to be made available to all businesses, regardless of size.”
Additionally, the report warned that the US will become a more prominent target over the next five years. Juniper expects more than half of all data breaches globally to occur in the US by 2023.
According to Juniper, this is because the country has much national and international consumer and corporate data in a disparate range of institutions and regulations; making it easier to find and exploit systemic weaknesses.
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