Juniper Research predicts that global companies will face $5 trillion in breach costs, recovery fees, and damages in 2024, up from approximately $3 trillion today. The impact on businesses will be extreme, says James Moar, a lead lead analyst with the firm. The fines are putting increasing pressure on companies to get their data security right, says Chris Scott, global remediation lead at IBM. The Ponemon Institute’s “Cost of a Data Breach” report, sponsored by IBM, pegs growth at 12% between 2014 and 2019.”]
Source: https://www.darkreading.com/attacks-breaches/rising-fines-will-push-breach-costs-much-higher