SMEs to drive cyber security expenditure
Written by Chris Lemmon
Global business spend on cyber security solutions will grow by 33 per cent over the next four years, reaching $134 billion annually by 2022.
This is according to new research from Juniper, which found that almost 70 per cent of 2022 spend on cybersecurity would originate from medium-sized businesses, as cyber criminals target smaller entities.
For financial services, mobile operators, enterprise and Internet of Things (IoT) service providers, digital transformation and IoT endeavours were key catalysts for increasing spend to defend assets from threats.
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. Furthermore, Juniper predicted that 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.”