Annual global data breach costs to exceed $5 trillion by 2024

The annual cost of worldwide data breaches will surpass $5 trillion by 2024, according to a newly published Juniper Research report.

Current yearly cost totals sit at $3 trillion, which means the jump to $5 trillion in five years represents an average annual growth of 11 percent.

Juniper’s forecast also anticipates that most breaches through 2024 will target small- and medium-sized enterprises with budgets that are insufficient to adequately defend against cyber threats.

Source: Annual global data breach costs to exceed $5 trillion by 2024: report