By 2024, the collective cost of data breaches will reach $5 trillion, according to a study by Juniper Research. The study predicted this astronomical amount will be the result of an increase in fines due, in large part, to the General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA) and any other data privacy laws that come up in the next five years.
However, we should also expect to see a 70 percent rise in cybercrime during that time period — another reason for the spike in data breach costs. The study anticipated artificial intelligence (AI) will be responsible for much of the increase, not just because more organizations will rely on AI in the future, but also because threat actors will utilize the technology to launch advanced cyberattacks.
