Friday, September 27, 2019

In Other News: Data Breaches Expected to Cost Businesses $5 Trillion by 2024

By now, every business should be aware of the costs associated with a data breach. Unfortunately, such damages are not being contained. Instead, they are rising steadily, culminating in a $5 trillion price tag by 2024, according to the latest report from Juniper Research. 

A recent report, “The Future of Cybercrime & Security,” found that regulatory fines and lost business will be the primary drivers of this expense. 

Consumers continually demonstrate a disdain for platforms that can’t protect their data, making opportunity cost one of the most arduous, often immeasurable consequences of a data breach.

At the same time, the report notes that cybercrimes are likely to accelerate as hackers deploy increasingly sophisticated technology, like AI, to perpetuate even more disruptive cybercrimes.

However, Juniper Research found that cybersecurity-related expenditures are only expected to increase by 8% over the next four years, meaning that enterprises are turning to other methodologies to protect their data. Most prominently, the report concluded, employee awareness training is seen as the most efficient and cost-effective way to protect a company’s data.

Regardless of the technique, one truth is certain. The cybersecurity landscape will not look the same in four years, and every business needs to be prepared to adapt and meet the shifting challenges of its time.

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