International. The cost of data breaches will rise from $3 trillion each year to more than $5 trillion by 2024, an average annual growth of 11%, according to a new report from Juniper Research.
The new research, The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Mitigation Strategies 2019-2024 noted that while the cost for non-compliance will steadily increase in the future, the levels of data disclosed will be headlines but will not affect the costs of non-compliance directly, as most fines and lost businesses are not directly related to the sizes of non-compliance.
The human element remains key, despite AI advances
Cybercrime is becoming more sophisticated; The report anticipates that cybercriminals will use artificial intelligence that will learn the behavior of security systems similar to how cybersecurity companies currently employ technology to detect abnormal behavior. The research also highlights that the evolution of deep fakes and other AI-based techniques is also likely to play a role in social media cybercrime in the future.
Even though cybersecurity is becoming more and more part of the corporate culture, the report says it's not necessarily gaining traction with users of the system. As a result, Juniper Research expects security awareness training to become an increasingly important part of enterprise cybersecurity practice. The gains that can be achieved by increasing human awareness of cybersecurity can make more efficient use of cybersecurity spending, which Juniper Research expects to increase by only 8% annually in the forecast period.
