Thursday, March 15, 2018
Over the next four years, midmarket companies are expected to drive 70 percent of global investment in cybersecurity solutions, which could reach $134 billion in total combined global annual spending by 2022, according to U.K.-based Juniper Research Ltd.
Juniper cited cybercriminal exploit of "low-hanging fruit" as a persistent concern, especially among midmarket companies. Small businesses have long been a stable target of cybercriminals, the focus of 43 percent of cyber-attacks launched in 2015, according to Symantec Corp. Research by the cybersecurity firm revealed that in 2017, hackers managed to steal $172 billion from 978 million consumers in 20 countries.
Increasingly aware of the rising cost of fraud to consumers, midmarket companies are equally concerned about the devastating toll on businesses compromised by fraud in recent years. The National Cyber Security Alliance reported that 60 percent of businesses affected by cyber attacks close their doors within six months of an attack. Juniper predicted the cumulative cost of data breaches from 2017 to 2022 will reach $8 trillion.
Perhaps one of the biggest challenge in the years ahead will be how to effectively secure Internet of Things (IoT) devices. Juniper estimated that global penetration of Internet-connected devices will reach 46 billion activated units by 2021.
According to Juniper, because modern devices are typically deployed for years at a time in the marketplace, forward-thinking cybersecurity strategies will need to be flexible enough to react to future demands as more advanced exploits by cybercriminals render modern approaches less effective over time.
As a result, stakeholders must plan in terms of risk mitigation rather than prevention, Juniper noted, adding that in some cases service providers in high-risk environments will be forced to restructure their networks to avoid potential compliance breaches, data theft and even service outages.
"Once a single endpoint is breached, the big danger is lateral movement across the network," wrote Juniper research author Steffen Sorrell. "Layered networks, proper lifecycle management and user 'least privilege' approaches will prove key to containing serious breaches." For more market insights, Juniper offers a free whitepaper, Cybersecurity -- How can service providers save the bottom line? In addition, the firm's Cybersecurity: Mitigation Strategies for Financial Services, Operators, Enterprise & IoT 2018-2022 report is available for purchase online at www.juniperresearch.com .
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