Data breaches to cost global economy $2 trillion by 2019

And North America is forecast to swallow at least three-quarters of that.

Data breaches are set to cost the global economy as much as $2 trillion in the next five years.

Over 90 percent of data breaches in first half of 2014 were preventable

The Online Trust Alliance says that a high percentage of data breaches were the result of staff mistakes -- rather than external hacking.

New research from Juniper says North America, which houses the bulk of the technology industry, will take the biggest hit of more than three-quarters of the cost.

That's just over 2 percent of the world's gross domestic product of the IMF's forecast that year.

Western Europe will also suffer a significant ding to its finances, if data breach forecasts pan out.

It may seem like a small segment of the global economy, but that's a significant chunk effectively handed to cyber criminals because of poor corporate and network security.

Although denial-of-service attacks -- where networks are downed through overloading systems with too much traffic -- can be costly, the report said criminals stealing business or personal records has a far greater impact on the economy -- even if there's no immediate financial gain from the theft.

Banking and financial, government, and medical and healthcare industries rank as the more lucrative verticals to target.

Newsletters

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
See All
See All