A new report warns that the number of cybersecurity breaches could triple over the next five years, even despite measures designed to strengthen security.
The report, by Juniper Research, is titled ‘The future of cybercrime and security: threat analysis, impact assessment and leading vendors 2018-2023’, and suggests that some 12 billion online records are expected to be compromised through cybersecurity breaches in 2018.
The report goes on to estimate that this figure could increase by 175% over the next five years, with 33 billion records expected to be stolen by cyber criminals in 2023. Ultimately, this could represent a net loss of 146 billion records, even despite a growing focus on introducing stronger security measures.
What is being done to address the rise in cyberattacks?
The EU’s General Data Protection Regulation, which entered into force in May, mandates stronger cybersecurity and authentication measures to protect sensitive data, including personal and financial information. However, Juniper’s report indicates that this is unlikely to have the desired effect of curbing cybersecurity breaches and reducing vulnerability.
Part of the reason for this is that increases in spending on reinforcements for cybersecurity are disproportionate to the level of threat. According to the report, average spending on cybersecurity is expected to increase by just 9% per year between now and 2023. For small businesses, this is likely to be even less, with many SMEs using consumer-grade products, and spending, on average, less than $500 (~€431) per year on cyber-security.
Can more be done to prevent this?
According to James Moar, a senior analyst at Juniper Research and author of the report, companies should direct their investments towards predictive cybersecurity technologies, which can examine vulnerabilities and anticipate attacks, ensuring that these companies are not caught off-guard by hackers.
He explained: “Juniper’s strategic analysis of 48 leading cyber-security companies shows that AI and predictive analytics are now table stakes for this market. These technologies need to be made available to all businesses, regardless of size.”