Over 146 billion records expected to be stolen by 2023


By Dylan Bushell-Embling
Thursday, 09 August, 2018


Over 146 billion records expected to be stolen by 2023

Around 12 billion records will be compromised in data breaches worldwide this year, and this will grow to over 33 billion in 2023, according to Juniper Research.

In a new white paper, the research firm predicts that over 146 billion records will be stolen over the next five years.

But despite the growing scale of the threat as well as legislation such as the EU’s General Data Protection Regulation and Australia’s own Notifiable Data Breach scheme, global spending on cybersecurity is expected to increase by an average of just 9% per company per year.

The white paper notes that even though small businesses comprise 95% of all companies, this segment is expected to account for only 13% of cybersecurity spending this year. Such companies spend on average under $500 a year on cybersecurity, with many relying on consumer-grade products.

But the total direct and indirect cost of a breach can exceed millions of dollars, vastly exceeding such a company’s turnover.

Emerging threats such as newer forms of malware also require companies to employ more advanced cybersecurity functionality, the company said.

“Juniper’s strategic analysis of 48 leading cybersecurity companies shows that AI and predictive analytics are now table stakes for this market,” remarked research author James Moar. “These technologies need to be made available to all businesses, regardless of size.”

Image credit: ©stock.adobe.com/au/ArtemSam

Please follow us and share on Twitter and Facebook. You can also subscribe for FREE to our weekly newsletter and quarterly magazine.

Related Articles

The C-level is becoming more active in cybersecurity

C-level executives are in a prime position to promote a unified approach to cybersecurity and...

4.55bn records compromised in data breaches in 1H18

The number of customer records compromised in data breaches surged 133% year-on-year in 1H18,...

Google+ to be shut down after security gaffe

Google has decided to shut down its Google+ platform due to low user engagement, but the decision...


  • All content Copyright © 2018 Westwick-Farrow Pty Ltd