Global business spend on cybersecurity to grow 33% over the next 4 years

New data from Juniper Research has found that global business spend on cybersecurity solutions will grow by 33% over the next 4 years, reaching $134 billion annually by 2022. Juniper anticipates that the cumulative 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. Shipping company Maersk, for example, estimated the cost of NotPetya infecting its global network in 2017 at between $200 and $300 million.

Juniper argued that, as a result, stakeholders must plan in terms of risk mitigation rather than prevention. It predicted 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.”

Read more about the findings and predictions of Juniper Research on Help Net Security.

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