The spend on cyber security will significantly grow over the next five years, but will still not be able to keep pace with threats posed by data breaches, according to a new research on cyber security.
Juniper Research’s The Future of Cybercrime & Security: Enterprise Threats & Mitigation 2017-2022 forecasts that global spend on cybersecurity will grow close to 8% year over year for next five years to reach USD 135 billion in 2022—up from an estimated USD 93 billion this year.
In the meantime, data breaches will have cost business a cumulative total of USD 8 trillion in fines, lost business and remediation costs, the research firm says.
Juniper Research says this will happen not because of lack of availability of good solutions but on the contrary the plethora of different cybersecurity solutions that are offered. It says the smooth integration of these solutions is a major challenge. The solutions also require a high level of expertise and manpower to manage them. “This means that threats can be missed, and small businesses, which are more likely to be targeted by cybercriminals, are the least able to effectively manage their security,” says the research firm.
Here is a list of top all time biggest data breaches, prepared by Juniper Research. As can be seen, despite more advanced solutions, the size of breaches have grown over the years.