Digital Transformation and IoT to Drive Cybersecurity Spend to $134 Billion Annually by 2022

Between facial recognition, digital home assistants and iOT the future is upon us and is known as the Fourth Industrial Revolution. Also known as 4IR, the fourth industrial revolution pertains to the surge of technology and interconnectivity of devices.

With the advancements and digital transformations of physical devices, electronics, monitoring systems, software and more, the ability to connect and exchange data via near field communication (NFC) is at an all time high.

The versatility of e-commerce and real time payments that has been generated by the network within the Internet of things (iOT) has provided businesses with new ways of operations, but they also present concerns in terms of cybersecurity.

So, how does a business implement proactive measures against unknown threats? Like improvements in the end consumer experience, efforts to protect cybersecurity should be taken sooner rather than later. In recent years, larger retail corporations have been affected by data breaches, but Juniper Research points to those powerhouses as not necessarily being the prime targets in upcoming years.  – Mobile Marketing and Technology Magazine

BASINGSTOKE, England–(BUSINESS WIRE)–New data from Juniper Research has found that global business spend on cybersecurity solutions will grow by 33% over the next 4 years, reaching $134 billion annually by 2022.

Juniper’s new research, Cybersecurity: Mitigation Strategies for Financial Services, Operators, Enterprise & IoT 2018-2022 found that nearly 70% of 2022 spend would originate from medium-sized businesses, as cybercriminals target ‘low-hanging fruit’.

In the context of strategies for financial services, mobile operators, enterprise and IoT service providers, the research highlighted that stakeholders’ digital transformation and IoT endeavours were key catalysts for increasing spend to defend assets from threats.

Cyberattacks: Not If, But When
Juniper anticipates that the cumulative cost of data breaches between 2017 and 2022 will reach $8 trillion, with variable per-business losses depending on the nature and scale of the attack. Shipping company Maersk, for example, estimated the cost of NotPetya infecting its global network in 2017 at between $200 and $300 million.

Juniper argued that, as a result, stakeholders must plan in terms of risk mitigation rather than prevention. It predicted that service providers in high-risk environments would be forced to restructure their networks to avoid potential compliance breaches, data theft or service outage.

Research author Steffen Sorrell explained: “Once a single endpoint is breached, the big danger is lateral movement across the network. Layered networks, proper lifecycle management and user ‘least privilege’ approaches will prove key to containing serious breaches.”

Security Through Flexibility
Meanwhile, the research found that securing the IoT, with 46 billion connected units anticipated in 2021, would require more forward-thinking. With devices ‘in the field’ for years at a time, adopting a cybersecurity strategy that is flexible enough to react to future demands would be essential.

It highlighted the fact that cybercriminals’ efforts soon render modern approaches less effective. For example, the Cerber family of ransomware has analysed how machine learning systems detect malware behaviour and applied evasion techniques as a result.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.

For more market insights, download our free whitepaper: Cybersecurity ~ How can service providers save the bottom line?

Contacts
Juniper Research
Sam Smith, Press Relations
T: +44(0)1256 830002
E: sam.smith@juniperresearch.com

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