Cyber SecurityData ProtectionData Security

The High Cost of Cybercrime and Data Breach

By June 5, 2017 No Comments

According to Juniper Research, Cybercrime and Data Breach will cost global businesses $8 trillion ($USD) over the next five years.  In their new research study, titled The Future of Cybercrime & Security: Enterprise Threats & Mitigation 2017-2022, Juniper studied the incremental cost of global cybersecurity spend over the next five years in response to Cybercrime and Data Breach.  Juniper estimates that corporate spend on cybersecurity will increase from the present $93 billion in 2017 to nearly $135 billion in 2022, however, the increased spend won’t ameliorate the cumulative cost of $8 trillion related to fines, lost business and remediation cost.  Their conclusion, while startling, justifies a business taking a deeper examination into the actual financial risk faced by the data they collect, process and hold versus the necessary expenditure to protect that data.

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