A report by Juniper Research predicts that data breaches will be responsible for $2.1 trillion in losses by 2019.
As our lives and business data continue to become more connected to the internet, Juniper Research predicts that cybersecurity incidents will become more expensive for businesses by nearly 400% between the years 2015 and 2019. While it is expected that attacks against mobile devices and the Internet of Things (IoT) devices are going to increase, the data currently supports that traditional IT and network infrastructure are the medium utilized for most breaches.
The report also focuses on how cybercrime has evolved from a few rogue hackers to organized crime. Hacking is no longer isolated to an individual cybercriminal, but instead has grown into major organized crime units with millions/billions of dollars at their disposal. Even some countries are now sponsoring cybercrime. While some of the state-sponsored attacks have political motivations, the majority of cybercrime is motivated by profitability.
Because easy access to money is the motivating factor for attacking emails, and other traditional forms of technology, this is also why author James Moar states we are not seeing many devastating attacks otherwise. “Currently, we aren’t seeing much dangerous mobile or IoT malware because it’s not profitable.” While IoT hacks do not provide an easy payout to attackers, we are still seeing these attacks being carried out.
The full report titled, ‘Cybercrime and the Internet of Threats’ is available to download from the Juniper website.
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Author: Jennifer Guidry, CMO