A new report from Juniper Research has stated that the annual cost to businesses of data breaches will quadruple by 2019, to $2.1 trillion globally. The report suggests that while many of these attacks will be directed at the networks and devices that are already in place and being used by businesses and consumers, they will be accelerated by the expanding use of smart devices on the Internet of Things.
It’s easy to dismiss these figures as scaremongering, and lacking a solid foundation. But when you look a little closer at recent high-profile breaches, it’s possible to see just how damaging and costly a breach can be.
After the 2013 cyberattack on Target which led to a large breach of consumer data, the company faced an estimated bill of up to a billion dollars to cover investigations, clean-up costs, penalties and breach-related lawsuits. And that’s just a single breach event.
As the Juniper report points out, with more sharing of data online, the potential target for hackers is getting bigger and more attractive – meaning that hackers are raising their game.
This is why Clavister is investing in developing next-generation solutions that embed security into devices, to create distributed, protected environments, working in partnership with industry leaders such as Intel. As we all get better connected, we need advanced, flexible security that can keep pace with the constantly changing threat landscape – because attackers will certainly try and exploit those better connections. This way, maybe we can stop the cost of data breaches reaching $2 trillion.