Report warns of 8 trillion USD cost to businesses from cybercrime and data breaches

April 27, 2017 //By Jean-Pierre Joosting
In its latest report Juniper Research has found that while spend on cybersecurity is increasing, it is not keeping pace with threats posed by data breaches.

The report forecasts that global cybersecurity spend will reach nearly $135 billion in 2022, up from an estimated $93 billion this year. However, over the next five years, data breaches will have cost business a cumulative total of $8 trillion in fines, lost business and remediation costs.

The research also found that businesses are now faced with a plethora of different cybersecurity solutions to choose from. Many of which don't integrate well with each other and require a high level of expertise and manpower to manage. This means that threats can be missed, and small businesses, which are more likely to be targeted by cybercriminals, are the least able to effectively manage their security.

However, several cybersecurity firms, like Cylance, Darktrace, Fortscale and Patternex are using machine learning to monitor network and program behaviours, detecting and eliminating many anomalies without involving a cybersecurity professional. This can address the capability gap that SMEs face when considering cybersecurity.

Juniper Research expects MSSPs (Managed Security Service Providers) to leverage AI (Artificial Intelligence) to provide more affordable services to these businesses, making the best of tight security budgets, and providing a mechanism to make the industry consolidate.

"AI provides a solution for the cybersecurity market's talent gap, performing similar roles to cybersecurity analysts," remarked research author James Moar. "However, in order to succeed these new approaches must also bring simplicity and interoperability to end users, in what is a very fragmented market."

The whitepaper, Cybercrime & the Internet of Threats 2017 , is available to download.

www.juniperresearch.com