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Data Breaches Predicted to Cost $2.1tn by 2015

Cybercrime and data breaches have become an ongoing problem in the IT sector of the 21st century. In fact, problems such as this have become so rampant that a recent report predict the costs of data breaches around the globe will reach as much as $2.1 trillion by 2019. While that’s approximately four times the cost of data breaches experienced today, cybercrime seems to be a growing trend that shows no signs of slowing at any point soon.

Moreover, the same report, which was released by the professionals with the Juniper Research agency, expects the average cost of each data breach to rise, as well. They predict that most data breaches will result in costs exceeding $150 million by the year 2020. While the experts with Juniper Research are forecasting fewer cyber-attacks in general, those that do succeed will be much more prolific than past attempts.

The report went on to highlight some of the regions that are more susceptible to cybercrime than others. According to the report, approximately 60% of the world’s data breaches will occur in North America during the year 2015. This puts enterprises located in the United States, Canada and Mexico at particular risk.

James Moar, author of the recent report, cited specific threats by saying: “Currently, we aren’t seeing much dangerous mobile or IoT malware because it’s not profitable. The kind of threats we will see on these devices will be either ransomware, with consumers’ devices locked down until they pay the hackers to use their devices, or as part of botnets, where processing power is harnessed as part of a more lucrative hack. With the absence of a direct payout from IoT hacks, there is little motive for criminals to develop the required tools.”

How to Protect Your Enterprise

There are a number of things that can be done in order to better protect your enterprise from cybercrime. For starters, make sure you are using a secure network, complete with firewalls, antivirus software and password protection, for all of your online dealings.

Next, always use updated encryption methods when transmitting or storing personally sensitive information (PSI) or personally identifiable information (PII). This includes not only the data of your customers, but of your staff members, as well.

Finally, maintain a clear and straightforward information management policy throughout your entire enterprise. You may have to revise specific policies or procedures to keep up with advancing technology, but having a solid protocol in place is critical to safeguarding your data from any prying eyes – including those on the inside. Some states and industries already have a standardized set of rules regarding data governance, storage and protection, so you’ll want to make sure you are up-to-date on this information, too.

In Closing

There really is no surefire way to protect your data from today’s cyber criminals. Instead, try to take a proactive approach toward cybercrime. If you maintain diligence and always keep up with the latest trends and advancements in computer security, you can remain a step ahead of any cyber criminals who may be targeting you.


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