Cyber crime could cost businesses $8 trillion before 2022

Published on: 2 Jun 2017

Businesses could lose $8 trillion (£6.23 trillion) to cyber crime over the next five years, a new report claims.

Organisations are at greater risk than ever before due to increased internet connectivity and inadequate security, Juniper Research’s latest paper suggests.

As a result, some 2.8 billion personal data records are expected to be stolen in 2017 and that number is set to double to five billion by 2020, despite efforts from companies to implement more robust systems.

The problem lies with failures on the part of organisations to integrate new and old systems without harming overall network security, the report says.

“The attacks on hospital infrastructure show that inadequate cybersecurity can now cost lives as well as money,” said research author James Moar, a senior analyst at Juniper Research, referring to the recent WannaCry attack that devastated IT systems across the NHS.

“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.”