CyberCrime Data Breaches to Cost Businesses Up to $5 Trillion by 2024

According to recently released research findings by Juniper research, data breaches are steadily increasing in rate, the current cost of data breaches which is estimated at about $3 trillion currently is expected to rise, with an average annual growth rate of about 11%, to over $5 trillion by 2024.

The new research which is titled “The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Mitigation Strategies 2019-2024” also places an emphasis on the continuous need of a human factor in the management of cybercrime, irrespective of the huge advances in the use of Artificial Intelligence for cybercrime data breaches management.

The research author Susan Morrow places an emphasis on the fact that all businesses need to be aware of the holistic nature of cybercrime and, in turn, act holistically in their mitigation attempts. According to her, as social engineering continues unabated, the use of human-centric security tactics needs to also take hold in enterprise security.

According to the report, the method of cybercrime execution is gradually becoming more and more sophisticated. It is also expected that at this rate, the perpetrators of these crimes will also start incorporating the use of artificial intelligence in their efforts. The cybercriminals are expected to start studying how businesses use AI to combat their hacking and try to outsmart them.

The proposed solution for this by Juniper research will be to increase human engagement in the fight against these crimes. An increase in human engagement will bring about a dynamic twist to the fight and drive up cybersecurity spending, as it’s expected to increase by about 8% per year.