Juniper Research released its latest cybercrime report in which it expects annual cybercrime cost to increase from $3 trillion a year to over $5 trillion by 2024. The report, titled 'The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Mitigation Strategies 2019-2024,' found the increase will be mainly due to increases in regulations and fines.
Cybercriminals continue to remain on the cutting edge of technology and will eventually begin using AI to help learn and bypass the latest defenses. While corporations hold cybersecurity in high regard, the same cannot be said about system users, leaving vulnerabilities scattered across the Internet.
Accenture's 'The Cost of Cybercrime' report paints a similar picture. The report found that there were 130 security breaches in 2017. This number rose to 145 in 2018, an 11% increase. Over the last five years, there's been a 67% increase in data breaches. The cost of cybercrime in 2017 was $11.7 million, which rose to $13 million in 2018, a 12% increase. In the last five years, there's been a 76% increase in annual cybercrime cost.
Of the industries analyzed by Accenture, only healthcare saw a decrease in annual cybercrime cost from 2017 to 2018 ($12.86 million to $11.82 million). The industry experiencing the highest cost in 2017 and 2018 was banking ($16.55 million to $18.37 million). The report found that malware attacks are the most costly.
What should banks and credit unions do if they are attacked? Amy Hess, executive director of the FBI's Criminal, Cyber, Response and Services branch had the following to say at an April 16, 2019 public event, as reported by FCW, "Our No. 1 piece of advice [to companies] would be to have an incident response plan … and No. 2, and probably very close second if not tied, is to notify us."