Businesses are investing in cybersecurity but, according to a new report by Juniper Research, they are not keeping pace with such threats.
Juniper Research’s ‘Future of Cybercrime & Security: Enterprise Threats & Mitigation 2017-2022’ forecasts that global spend by businesses on cybersecurity will hit $135billion in the next five years from 2017’s estimated $93billion.
However, by comparison, Juniper estimates that data breaches will have cost business a cumulative total of $8trillion by 2022 mostly in fines, lost businesses and remediation costs.
According to the report, with so many different cybersecurity solutions to choose from, of which many do not integrate satisfactorily and require manpower with expertise to manage, it is easy to miss threats, particularly among small businesses.
The answer could lie with artificial intelligence. Juniper expects that managed security service providers will use artificial intelligence to provide affordable services which will enable small businesses, and those with tight budgets, to take advantage without the need for a cybersecurity professional.
“AI provides a solution for the cybersecurity market’s talent gap, performing similar roles to cybersecurity analysts,” said Juniper’s research author, James Moar. “However, in order to succeed these new approaches must also bring simplicity and interoperability to end users, in what is a very fragmented market.”