"IT analyst forecasts are unable to keep pace with the dramatic rise in cybercrime, the ransomware epidemic, the refocusing of malware from PCs and laptops to smartphones and mobile devices, the deployment of billions of under-protected Internet of Things (IoT) devices, the legions of hackers-for-hire, and the more sophisticated cyber-attacks launching at businesses, governments, educational institutions, and consumers globally" according to the report.
In early 2015 Inga Beale, CEO at the British insurer Lloyd's, claimed that cybercrime was costing businesses globally up to $400 billion a year. Several months later Juniper Research released a report which said cybercrime will cost businesses over $2 trillion by 2019. Microsoft CEO Satya Nadella stated $3 trillion of market value was destroyed in 2015 due to cybercrime.
Rob Owens, senior research analyst for security and infrastructure software at Pacific Crest Securities, recently told Investor’s Business Daily that he sees pent-up demand for cybersecurity spending. He says companies still aren’t spending enough on security. “I think security has been an under-spend area for decades. You’re spending about 3 percent of your capex (capital expenditures) that’s focused on IT on security. That’s relatively low.”
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