Cost of Data Breaches will increase 4 fold
New Juniper Research, suggests that the cost of data breaches to will increase $2.1 trillion globally by the end of 2018, this is four times the estimated cost of breaches in 2015.
The document, entitled “The Future of Cybercrime & Security: Financial & Corporate Threats & Mitigation”, has predicted that the majority of these breaches will come from existing IT and network infrastructure. While new threats targeting mobile devices and the Internet of Things are being reported at an increasing rate, the number of infected devices is minimal in comparison to more traditional computing devices.
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The report also highlights the increasing professionalism of cybercrime, with the emergence of cybercrime products being readily available with the sale of malware creation software being available over the last 12 months.
There is also a reported decline in casual activist hacks. This is something they have labelled as “Hacktivism” claiming it has become more successful and less prolific – in future, Juniper expects fewer attacks overall, but that they will be more successful ones.
The report claims that currently, they aren’t seeing much dangerous mobile or IoT malware because it’s not profitable The report author James Moar. continued ‘The kind of threats we will see on these devices will be either ransomware, with consumers’ devices locked down until they pay the hackers to use their devices, or as part of botnets, where processing power is harnessed as part of a more lucrative hack.
With the absence of a mass use of IoT, there is little motive for criminals to develop the required tools. But this is going to increase
Other key findings include:
• Nearly 60% of anticipated data breaches worldwide in 2015 will occur in North America, but this proportion will decrease over time as other countries become both richer and more digitised.
• The average cost of a data breach in 2020 will exceed $150 million by 2020, as more business infrastructure gets connected.
The research noted that leading OTT (Over The Top), which we presume to mean dominant players such as Apple, Google and Amazon were in pole position to capitalise on this transition, with each now offering cloud-based solutions both for personal storage and premium content access. It argued that if consumers are tied into multiple products from these leaders, those consumers becomes increasingly reluctant to churn away from one element of the brand, as he/she loses access to content across their devices.
The whitepaper, Cybercrime & the Internet of Threats, is available to download from the new Juniper Research website together with further details of the full research and interactive dataset.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary. We will be looking for more information about Resellers, dealers, Avnet, Cyber, Security, Asia, Singapore, Nude selfies, XXX, Viagra, back door, European resellers, servers, European, women selfies, mvno, white label ,sim cards,virus, spam, sex pics, online, trojans, low cost, calls, roaming. Our research, high lights these are best used phrases in Cyber crime.
Hampshire, UK: 12th May 2015
