Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Attacks/Breaches

8/28/2019
12:45 PM
Dark Reading
Dark Reading
Products and Releases
50%
50%

Business Losses to Cybercrime Data Breaches to Exceed $5 trillion by 2024

Cybersecurity Breaches to Increase Nearly 70% Over the Next 5 years

BASINGSTOKE, England--(BUSINESS WIRE)--A new report from Juniper Research found that the cost of data breaches will rise from $3 trillion each year to over $5 trillion in 2024, an average annual growth of 11%. This 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.

The new research, The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Mitigation Strategies 2019-2024 noted 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.

For more insights, download our free whitepaper, Cybercrime & the Internet of Threats.

The Human Element Remains Key, Despite AI Advances

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. 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.

In spite of cybersecurity becoming increasingly part of corporate culture, it is not necessarily gaining traction with system users. As a result, Juniper Research expects that security awareness training will become an increasingly important part of enterprise cybersecurity practice. The gains that can be made by increasing human awareness of cybersecurity can make more efficient use of cybersecurity spending, which Juniper Research expects to rise by only 8% per annum in the forecast period.

“All businesses need to be aware of the holistic nature of cybercrime and, in turn, act holistically in their mitigation attempts,” remarked research author Susan Morrow. “As social engineering continues unabated, the use of human-centric security tactics needs to take hold in enterprise security.”

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.

Contacts

For further details please contact Sam Smith, Press Relations. 
T: +44(0)1256 830002 
E: [email protected]

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Mobile Banking Malware Up 50% in First Half of 2019
Kelly Sheridan, Staff Editor, Dark Reading,  1/17/2020
Exploits Released for As-Yet Unpatched Critical Citrix Flaw
Jai Vijayan, Contributing Writer,  1/13/2020
Microsoft to Officially End Support for Windows 7, Server 2008
Kelly Sheridan, Staff Editor, Dark Reading,  1/13/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: This comment is waiting for review by our moderators.
Current Issue
The Year in Security: 2019
This Tech Digest provides a wrap up and overview of the year's top cybersecurity news stories. It was a year of new twists on old threats, with fears of another WannaCry-type worm and of a possible botnet army of Wi-Fi routers. But 2019 also underscored the risk of firmware and trusted security tools harboring dangerous holes that cybercriminals and nation-state hackers could readily abuse. Read more.
Flash Poll
[Just Released] How Enterprises are Attacking the Cybersecurity Problem
[Just Released] How Enterprises are Attacking the Cybersecurity Problem
Organizations have invested in a sweeping array of security technologies to address challenges associated with the growing number of cybersecurity attacks. However, the complexity involved in managing these technologies is emerging as a major problem. Read this report to find out what your peers biggest security challenges are and the technologies they are using to address them.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-7227
PUBLISHED: 2020-01-18
Westermo MRD-315 1.7.3 and 1.7.4 devices have an information disclosure vulnerability that allows an authenticated remote attacker to retrieve the source code of different functions of the web application via requests that lack certain mandatory parameters. This affects ifaces-diag.asp, system.asp, ...
CVE-2019-15625
PUBLISHED: 2020-01-18
A memory usage vulnerability exists in Trend Micro Password Manager 3.8 that could allow an attacker with access and permissions to the victim's memory processes to extract sensitive information.
CVE-2019-19696
PUBLISHED: 2020-01-18
A RootCA vulnerability found in Trend Micro Password Manager for Windows and macOS exists where the localhost.key of RootCA.crt might be improperly accessed by an unauthorized party and could be used to create malicious self-signed SSL certificates, allowing an attacker to misdirect a user to phishi...
CVE-2019-19697
PUBLISHED: 2020-01-18
An arbitrary code execution vulnerability exists in the Trend Micro Security 2019 (v15) consumer family of products which could allow an attacker to gain elevated privileges and tamper with protected services by disabling or otherwise preventing them to start. An attacker must already have administr...
CVE-2019-20357
PUBLISHED: 2020-01-18
A Persistent Arbitrary Code Execution vulnerability exists in the Trend Micro Security 2020 (v160 and 2019 (v15) consumer familiy of products which could potentially allow an attacker the ability to create a malicious program to escalate privileges and attain persistence on a vulnerable system.