Cybersecurity breaches to result in over 146 bn records being stolen by 2023

James Moar

A new report by Juniper Research found that over 33 billion records will be stolen by cyber criminals in 2023 alone, an increase of 175% over the 12 billion records expected to be compromised in 2018, resulting in cumulative loss of over 146 billion records for the whole period.

The new research, The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Leading Vendors 2018-2023, found that, in spite of legislation like GDPR and PSD2 mandating strong cybersecurity and authentication measures to protect personal and financial data, average levels of cybersecurity spend will remain relatively static.

Small business continues to be vulnerable

Spend by small businesses in 2018 will only make up 13% of the overall cybersecurity market in 2018, despite over 99% of all companies being small businesses. In addition, the cost of breaches can exceed millions of dollars, dwarfing the turnover of such businesses.

Many of these companies use consumer-grade products, spending on average under $500 (€433.93) per year on cybersecurity. With many such businesses digitising, this will leave them vulnerable to newer forms of malware which require more advanced cybersecurity, beyond simple endpoint protection.

“Juniper’s strategic analysis of 48 cybersecurity companies shows that AI and predictive analytics are now table stakes for this market”, remarked research author James Moar. “These technologies need to be made available to all businesses, regardless of size”.

Threats coalesce in the US

Additionally, the research found that the US will become a more prominent target over the next 5 years. Juniper expects over half of all data breaches globally to occur in the US by 2023. This is because the country has much national and international consumer and corporate data in a disparate range of institutions and regulations; making it easier to find and exploit systemic weaknesses.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.

For more insights on the future of cybercrime, download our free whitepaper: Cybercrime & the Internet of Threats 2018.

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, iot home automation is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more
RECENT ARTICLES

World Economic Forum launches toolbox of solutions to accelerate decarbonisation in cities

Posted on: September 23, 2021

With the percentage of people living in cities projected to rise to 68% by 2050, resulting in high energy consumption, greater infrastructure needs and, carbon emissions, cities have a critical role to play in the race to reach net zero. To help address this challenge, the World Economic Forum, is releasing iteration of its Toolbox of Solutions,

Read more

Laserfiche announces launch of cloud document management and process automation solution

Posted on: September 23, 2021

Laserfiche announced the availability of Laserfiche Cloud in the Europe, Middle East and Africa (EMEA) region. The SaaS provider of intelligent content management and business process automation’s cloud offering delivers an innovative and trusted system for securely managing content and automating business processes across the enterprise.

Read more