Report: Cybercrime Costs to Quadruple by 2019 (May 12, 2015)
The cost of data breaches globally will quadruple over the next four years to $2.1 trillion, as cybercrime becomes more sophisticated and profitable, a new report from Juniper Research suggests. By 2020 the average cost of a data breach will exceed $150 million, according to “The Future of Cybercrime & Security: Financial and Corporate Threats & Mitigation,” which outlines trends for data breaches within all business sectors. Key findings of the report, which Juniper released today, include:
- Most data breaches through 2019 will originate with existing computer network infrastructure, but mobile devices will account for a growing share of the threats.
- More than 60 percent of the hacks will occur in North America, though that proportion will decrease over time, as more business infrastructure shifts online in all nations.
- In cyberattacks on financial institutions, criminals are more interested in using the stolen data to design future “phishing” scams on specific consumers than for immediate financial gain.
Malware on mobile devices is still “miniscule” compared with cybercrime associated with traditional computing, but as mobile technology matures, smartphones will become a more common target for cybercriminals, Juniper forecasts.
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