How much will cybercrime cost your construction company in the years ahead? It is a question many construction companies are beginning to consider as more organizations are victims of cybercrime.

New research from Juniper Research, www.juniperresearch.com, a research and analytical services firm, helps industry by providing awareness and food for thought.

According to “The Future of Cybercrime & Security: Financial and Corporate Threats & Mitigation,” the increasingly connected world—or, what Juniper Research calls the “rapid digitization” of consumers’ lives and enterprise records—will result in a parallel increase in the cost of data breaches. In fact, the research suggests cybercrime will cost four times as much as it will end up costing in 2015, reaching more than $2 trillion globally by 2019.
The majority of data breaches will come from traditional computing devices on the existing IT and network infrastructure, Juniper’s research says. However, there will be new threats coming from mobile devices and the IoT (Internet of Things).

Unfortunately, the report also suggests cybercrime is becoming more professionalized. For instance, Juniper points to the emergence of cybercrime products such as malware creation software, further suggesting that in the future, incidents will be fewer in number, but they will be more potent and successful.

The trend will likely increase throughout the next decade as more business infrastructure becomes connected. Looking even further out in the future, the report predicts the average cost of a data breach will exceed $150 million by 2020. IoT companies must be on the lookout for ways to protect themselves from cybercrime—today and tomorrow.

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