The trillion dollar impact of data breaches
Earlier this month a report from analysts Juniper Research suggests the financial impact of data breaches are going to get much worse.
Juniper’s white paper entitled ‘The Future of Cybercrime & Security: Financial & Corporate Threats & Mitigation,’ found data breaches could cost the global economy $2.1 trillion by 2019, pointing to the growing digitisation in an increasingly connected world.
Most of these breaches will stem from existing IT infrastructure rather than threats targeting mobile device users.
"Currently, we aren’t seeing much dangerous mobile threats because it’s not profitable," says report author James Moar.
"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."
This year up to 60% of all cyber attacks will take place in North America although over time these will spread more evenly across the globe as emerging economies become more digitised and wealthier, the report suggests.
The report concludes the average cost of a single data breach may surpass $150 million.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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