The global business spend on cybersecurity solutions will grow by 33% over the next four years, reaching $134 billion annually by 2022, according to Juniper Research.
The analysis, Cybersecurity: Mitigation Strategies for Financial Services, Operators, Enterprise & IoT 2018-2022 found that nearly 70% of spend over the projected period would originate from medium-sized businesses, as cybercriminals target ‘low-hanging fruit’.
Juniper anticipates that the increasing cost of data breaches between 2017 and 2022 will reach $8 trillion, with variable per-business losses depending on the nature and scale of the attack.
The research firm urges stakeholders to plan in terms of risk mitigation rather than prevention.
Juniper predicts that service providers in high-risk environments would be forced to restructure their networks to avoid potential compliance breaches, data theft or service outage.
Research author Steffen Sorrell explained: “Once a single endpoint is breached, the big danger is lateral movement across the network. Layered networks, proper lifecycle management and user ‘least privilege’ approaches will prove key to containing serious breaches.”
Another interesting element, the research found that securing the IoT, with 46 billion connected units anticipated in 2021, would require more forward-thinking. It highlighted the fact that cybercriminals’ efforts soon render modern approaches less effective.
For example, the Cerber family of ransomware has analysed how machine learning systems detect malware behaviour and applied evasion techniques as a result.
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