Criminal data breaches will cost businesses a total of $8 trillion globally over the next five years due to higher levels of inadequate security, according to a new report from Juniper Research.

The new study, The Future of Cyber Crime & Security, forecasts that the number of personal data records stolen by cyber criminals will reach 2.8 billion in 2017, and will almost double to five billion in 2020 – despite the increase in the number of new cyber security solutions available. Juniper highlighted that businesses are particularly vulnerable when integrating new and old systems without regard to overall network security.

SMEs are particularly at risk from cyber attacks, according to the report, which found that small businesses are spending less than $4,000 on cyber security measures on average this year. The research highlights a need for companies to put more money into cyber security and system upkeep, which should be treated as a vital element of workplace safety.

Juniper expects ransomware – the same form of malware that caused downtime throughout NHS services earlier this month – to rapidly develop into simple-to-use toolkits, in the same way that banking Trojans developed into programmes that required little technical knowledge to use.

James Moar, the research author, commented: “The attacks on hospital infrastructure show that inadequate cyber security can now cost lives as well as money. Businesses of all sizes need to find the time and budget to upgrade and secure their systems, or lose the ability to perform their jobs safely, or at all.”

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