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Cost of cyber crime to hit $8 trillion in next five years

Nearly 3 billion customer data records expected to be stolen in 2017.

By Ellie Burns

Higher levels of internet connectivity alongside inadequate enterprise security will see the cost of cyber crime soar to $8 trillion in the next five years, with a staggering 2.8 billion customer data records expected to be stolen in just this year alone.

According to Juniper Research, that huge 2.8 billion number is set to almost double by 2020, with 5 billion personal data records set to be stolen by cybercrimminals.

Juniper’s The Future of Cybercrime & Security: Enterprise Threats & Mitigation 2017-2022, found that the huge increase in cybercrime comes despite new and innovative cyber security solutions emerging. Particular risk was found for those businesses looking to integrate new and old systems without regard to overall network security, as well as cyber security problems becoming particularly acute for SMEs.

SME’s were found to be spending less than $4,000 on cyber security measures this year, with only marginal increases in security spend expected over the next 5 years. It was also found that SMEs also tend to run older software, which WannaCry and other cyber attacks have recently exploited.

READ MORE: NSA, Microsoft, North Korea or YOU: Who’s to blame for WannaCry?

The key message from the findings in Juniper’s report was the a need for companies to put more money into cybersecurity and system upkeep, which should be treated as a vital element of workplace safety.

“The attacks on hospital infrastructure show that inadequate cybersecurity can now cost lives as well as money,” remarked research author James Moar.

“Businesses of all sizes need to find the time and budget to upgrade and secure their systems, or lose the ability to perform their jobs safely, or at all.”

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The findings from Juniper are yet more proof that the exponential rise in cyber crime shows no signs of slowing anytime soon. At the beginning of this year, Cisco’s annual cyber security report also put the spotlight on the ever-growing cost of a data breach.

READ MORE: RSA President: Beating the bad guys with business-driven security

Cisco found that over one-third of companies experienced a huge 20% loss in revenue following a breach in 2016. This loss was amplified by similar hits to customer base, reputation and business opportunities.

22% of breached organisations in 2016 lost customers, with 40% of companies seeing 20% of their customer base abandon them in the wake of a security incident. 23% of breached organisations lost  business opportunities, with 42% losing more than 20%.

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