Corporate Counsel: Data Breaches on Track to Cost Companies US $2.1 Trillion

In its latest report ‘The Future of Cybercrime & Security: Financial & Corporate Threats & Mitigation‘, Juniper Research predicts that the majority of these breaches will still come from existing IT and network infrastructure, with the  number of mobile and Internet of Things attacks expected to be “minimal” in comparison to more traditional computing devices.

“Currently, we aren’t seeing much dangerous mobile or IoT malware because it’s not profitable”, said report author James Moar.

“The kind of threats we will see on these devices will be either ransomware, with consumers’ devices locked down until they pay the hackers to use their devices, or as part of botnets, where processing power is harnessed as part of a more lucrative hack. With the absence of a direct payout from IoT hacks, there is little motive for criminals to develop the required tools.”

On mobile, the group said that the relative lack of mobile malware, as detailed in recent reports, was down to “a combination of limited profitability for cyber-criminals (with no guarantee of valuable details through the hack) and the need to develop a sophisticated understanding of mobile software, which is still relatively new and evolving at a much faster rate than that observed for desktop PCs”.

The report further notes cyber-crime is becoming increasingly professional, with the emergence of cyber-crime products (like the sale of malware creation software) over the past year, and interesting believes that there is a decline in casual, activist hacks…

Read the full article here: Data breaches to cost businesses £1.3 trillion by 2019