Cost of data breaches will grow to $5 trillion in 2024, claims report
1 min read 01 Oct 2019, 01:26 PM ISTThe report points out that cybercriminals will be turning more and more to artificial intelligencePoor awareness is still the weak link in the cybersecurity efforts by companies
PremiumNew Delhi: Cyberattacks and data breaches have cost trillions of dollars so far. It seems there is no breather in sight for enterprises as the cost of data breaches is expected to grow annually at 11%, from $3 trillion per year to over $5 trillion in 2024, claims Juniper Research’s new report titled, “The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Mitigation Strategies 2019-2024."
While disruption and business loss accounts for lion’s share of the cost, the companies stand to lose more to increased fines for data breaches as governments across the world including India are in the process of putting together their data regulations.
The report further points out that cybercriminals will be turning more and more to AI (Artificial Intelligence) to figure out how security systems work and can be breached, just like security professionals use them to detect an unusual behaviour.
Deep fakes and other AI based tools will play a bigger role as criminals will scramble to leverage every possible opportunity to stay ahead of their targets. It makes sense as more people are using biometric and facial recognition to protect their data, social media accounts and devices.
Poor awareness is still the weak link in the cybersecurity efforts by companies as many system users are yet to adopt the best practices on a daily basis.
“All businesses need to be aware of the holistic nature of cybercrime and, in turn, act holistically in their mitigation attempts. As social engineering continues unabated, the use of human-centric security tactics needs to take hold in enterprise security," advises research author Susan Morrow.
Security awareness training will be the key in the fight against cyberattacks and can help companies focus on areas that need more attention and spending.
