Cybersecurity spending on a global basis will grow to $134 billion by 2022, new research found.
In addition, the cost of data breaches between 2017 and 2022 will total $8 trillion, with variable per-business losses depending on the nature and scale of the attack, according to a study done by Juniper Research.
Without that 33 percent increase in spending, the cost of data breaches could be much higher.
Shipping company Maersk, for example, estimated the cost of NotPetya infecting its global network in 2017 at between $200 and $300 million.
Juniper said stakeholders must plan in terms of risk mitigation rather than prevention. It said service providers in high-risk environments could end up forced to restructure their networks to avoid potential compliance breaches, data theft or service outage.
“Once a single endpoint is breached, the big danger is lateral movement across the network,” said Juniper research author Steffen Sorrell. “Layered networks, proper lifecycle management and user ‘least privilege’ approaches will prove key to containing serious breaches.”
In addition, the research found 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 is essential.