Spending on cybersecurity is increasing, but it’s not keeping pace with threats posed by data breaches, according to a new report by Juniper Research.
The new report forecasts that global cybersecurity spend will reach nearly $135 billion in 2022, up from an estimated $93 billion this year. However, over the next five years, data breaches will have cost business a cumulative total of $8 trillion in fines, lost business and remediation costs.
The research also found that businesses are now faced with a plethora of different security solutions to choose from – many of which don’t integrate well with each other and require a high level of expertise and manpower to manage. This means that threats can be missed, and small businesses, which are more likely to be targeted by cybercriminals, are the least able to effectively manage their security.
To deal with this increasing complexity, several cybersecurity firms – like Cylance, Darktrace, Fortscale and Patternex – are using machine learning to monitor network and program behaviors, detecting and eliminating many anomalies without involving a cybersecurity professional. This could address the capability gap that SMEs face when considering cybersecurity.
Juniper Research expects MSSPs (managed security service providers) to leverage artificial intelligence to provide more affordable services to these businesses, making the best of tight security budgets, and providing a mechanism to make the industry consolidate.
“AI provides a solution for the cybersecurity market’s talent gap, performing similar roles to cybersecurity analysts,” said 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.”
The whitepaper, Cybercrime & the Internet of Threats 2017, is available to download from the Juniper Research website together with details of the new research and interactive dataset.