“Data…is transforming every profession and industry…cybercrime, by definition, is the greatest threat to every profession, every industry, every company in the world.”

IBM Chairperson and CEO Ginni Romelty

The future of cybersecurity belongs to us all. Our futures and those of generations to come depend on our mastering of secure data, no matter where it is – in a base or in the cloud. Investing in cybersecurity, then, seems obvious: but what will it cost us? Exponentially rising levels of cybercrime make it difficult for analysts and experts to accurately estimate future spending. The estimates we do have, however, are nothing short of jaw-dropping.

 

How Much Will Cybersecurity Cost?

Between 2017-2021, spending on cybersecurity is expected to go over the trillion dollar mark. At the highest end of the price spectrum, Cybersecurity Ventures has suggested a growth rate of between 12 and 15% year-on-year growth in cybersecurity. IMB Security saw an 18% growth rate in quarter one of 2016, so perhaps Cybersecurity Ventures wasn’t overestimating.

It’s a lot, but when we consider the losses cybercrime could cause it seems more reasonable. It’s thought that around US$400 billion is lost globally each year. In a more dramatic estimate, Microsoft CEO Satya Vadella stated that US$3 trillion of market value was destroyed in 2015 alone.

If that first estimate is right, that means a loss of $2 trillion total over a five-year period, if things remain the same, and the consensus says they won’t.

 

Why Is Cybercrime Rising?

“We believe data is the phenomenon of our time. It is the world’s new natural resource…” – Romelty.

With a new era comes a new way of life, and in any stratified society there will always be a degree of crime. In our future, that crime is of the cyber variety; but it doesn’t have to be so destructive.

Experts believe that one of the causes of such a huge proliferation of cybercrime is that the majority of businesses under-spend on cybersecurity. In total in the US, cybersecurity makes up around 3% of capital expenditure. When the future of most businesses and industries is invested in new technology, it makes sense to protect it, but we’re not.

New technology is rising rapidly. We’re managing to adopt it more quickly and with greater impact than any technology that came before. Globalisation and the internet mean learning is so accessible that a new tech can be picked up by rural or developing countries in next to no time. For example, between 2007 and 2012 the adoption of smartphones grew tenfold, or by 1000%.

It’s projected that 80% of internet connections will originate from mobile devices by 2025, and a low estimate of 50 billion devices online in total. This is great for your data provider, but it also means you’ll need to amp up security on the cloud. Cloud technology can expect to see a massive acceleration in relation to this. We’ve previously discussed how the cloud can create a huge target for cybercrime, so if you’re investing in cybersecurity anywhere, make it your cloud networks.

With the growth of mobile technology, the cloud, and hyperconnectivity (hello, 5G!) your systems can reach new heights of usefuleness. However, the same is true for cybercriminals. This is where we come in. Increasingly, our job as cybersecurity experts is to innovate and stay ahead of the competition.

 

How Do I Prepare For The Future?

In recent times, cybercriminals have been targeting the healthcare and retail sectors. This is because many of their services have moved online. However, we can rest slightly easier in the knowledge that these peaks in crime are periods of acclimatisation to the online world. If you’re at the beginning of an industry’s foray into cloud-based storage, online diagnostics or purchasing, we recommend spending extra on your security until the industry is safely afloat.

Outside of opportunist, modernist cybercrime, ID theft and insurance fraud remain as popular as ever. Any company with cast caches of personal information should make protecting it a priority.

We recommend taking a couple of hours a week to get up to speed on the latest in cybersecurity. Of course, we’re always willing to answer any questions you may have, but we believe you can make the most of our services by wanting the most for yourself. At CBSIT we specialise in cybersecurity for legal practices, so have plenty of experience with sensitive data.

Remember: there is no silver bullet for cybercrime. Fighting it requires expertise, dedication, and innovation. CBSIT has these three things in abundance. If you’re concerned about your cybersecurity, make sure you talk to someone who values your data as much as you.