Cybercrime to cost business over $8 trillion in the next 5 years

cyber-threatCybercrimes will cost businesses $8 trillion over the next 5 years, due to higher levels of Internet connectivity and inadequate enterprise wide security, said Juniper Research.

ALSO READ: Full report on cyber security by Juniper Research

The number of personal data records stolen by cybercriminals will reach 2.8 billion in 2017, almost doubling to 5 billion in 2020. Cybersecurity problems are becoming acute when businesses integrate new and old systems without regard to overall network security.

Mark Hughes, CEO British Telecom Security, said enterprise CIOs need to follow three steps to stay secure avoid attacks from WannaCry Ransomware.

# Check you have the patch applied and running correctly across your global IT estate

# Work with your AV vendors and Microsoft to ensure you have the latest virus protection

# Discover whether you have been infected, limit the spread as far as possible then neutralise to avoid the malware detonating

SMEs are particularly at risk from cyberattacks, spending less than $4,000 on cybersecurity measures this year. Marginal increases in security spend are expected over the next 5 years. SMEs also tend to run older software, which WannaCry and other recent cyberattacks have exploited.

The new research, The Future of Cybercrime & Security: Enterprise Threats & Mitigation 2017-2022, said there is a need for companies to put more money into cybersecurity and system upkeep, which should be treated as a vital element of workplace safety.

“The attacks on hospital infrastructure show that inadequate cybersecurity can now cost lives as well as money,” remarked research author James Moar. “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.”

Ransomware is becoming a more advanced form of malware, as ransoming stored data and devices becomes easier and more valuable than stealing financial details. Ransomware will develop into simple-to-use toolkits, the same way banking Trojans developed into ‘products’ that required little or no programming knowledge to use.

The number of mobile ransomware files detected reached 218,625 during the first quarter of 2017, compared to 61,832 in the previous quarter, according to Kaspersky Lab’s Malware Report for Q1, 2017.

Congur family accounts for more than 86 percent. Ransomware targeting all devices, systems and networks continued to grow, with 11 new cryptor families and 55,679 new modifications making their appearance in Q1.

In a recent B2B technology survey of 455 U.S.-based companies across nine vertical markets, ABI Research finds that healthcare respondents show the least concern regarding security out of all sectors surveyed.