WRALtechwire.com logo

Report: Cybercrimes to cost businesses $8T - that's trillion - over next 5 years

Cyber Security

Apr, 25 2017, 10:30 AM

Cybercrime and data breaches are going to hit businesses with an $8 trillion headache over the next five years, a new report says. Yet businesses are planning to increase defense-related spending only 8 percent annually even as cyber costs soar 30 percent.

So says Juniper Research in a new report, "The Future of Cybercrime & Security: Enterprise Threats & Mitigation 2017-2022."

Cybersecurity defense is simply "not keeping pace with threats posed by data breaches," Juniper says.

One possible improvement to defenses could come through artificial intelligence (AI).

“AI provides a solution for the cybersecurity market’s talent gap, performing similar roles to cybersecurity analysts,” says Juniper's 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."

Juniper forecasts cybersecurity spending will reach $135 billion in 2022, up from $93 billion in 2017.

However, that's far short of the costs of breaches that include:

What type of cybersecurity to invest in also is a challenge, Juniper notes.

"[B]usinesses 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," Juniper says.

"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."

Read more at Juniper's website.