Cybersecurity breaches to increase nearly 70% in next 5 years

The cost of data breaches will rise from $3 trillion each year to over $5 trillion in 2024, an average annual growth of 11%, according to new findings by Juniper Research.

This will primarily be driven by increasing fines for data breaches as regulation tightens, as well as a greater proportion of business lost as enterprises become more dependent on the digital realm.

Cybercrime is increasingly sophisticated; the report anticipates that cybercriminals will use AI which will learn the behaviour of security systems in a similar way to how cybersecurity firms currently employ the technology to detect abnormal behaviour.

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