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Digital Identity, Security & Online Fraud

Cybercriminals to steal over 146 bln records by 2023

Thursday 9 August 2018 | 11:56 AM CET

A new report by Juniper Research has found that over 33 billion records will be stolen by cybercriminals in 2023 alone.

This number represents an increase of 175% over the 12 billion records expected to be compromised in 2018, resulting in a cumulative loss of over 146 billion records for the whole period. The new research found that, in spite of legislation like GDPR and PSD2 mandating strong cybersecurity and authentication measures to protect personal and financial data, average levels of cybersecurity spend will remain relatively static.

Spend by small businesses in 2018 will only make up 13% of the overall cybersecurity market in 2018, despite over 95% of all companies being small businesses. In addition, the cost of breaches can exceed millions of dollars, dwarfing the turnover of such businesses.

Many of these companies use consumer-grade products, spending on average under USD 500 per year on cybersecurity. With many such businesses digitising, this will leave them vulnerable to newer forms of malware which require more advanced cybersecurity, beyond simple endpoint protection.

Additionally, the research found that the US will become a more prominent target over the next 5 years. Juniper expects over half of all data breaches globally to occur in the US by 2023. This is because the country has much national and international consumer and corporate data in a disparate range of institutions and regulations; making it easier to find and exploit systemic weaknesses, according to Juniper Research.

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