Looking for a good business model with a market poised to explode in the next five years? No, it’s not the latest social media platform or even a cryptocurrency. It’s cybercrime, and your business is rapidly becoming their business.
Juniper Research, digital research specialists and market intelligence gurus, have issued a report that suggests that 2019 will see the cost of data breaches rise to over $2 trillion around the world.
They predict the average cost to each business will rise from around $15 million this year to $150 million by 2020. Makes investing in equities and politicians look like chump change when you consider returns like that. But there’s also that prison time to think about before you cast your capital to the dark side.
Too Big for Your Breaches?
While you are probably not going to swerve off into the cybercrime ditch, it might be helpful to pull off at this rest stop to consider the treacherous terrain ahead. Home Depot’s recent breach cost community banks a cool $90 million, and Target’s woes have been quantified on their financials in the neighborhood of $191 million. But, for the sake of argument, let’s assume you don’t live in that neighborhood and, instead, characterize your business more as a Mike Brady split-level ranch. Well, Mr. Brady, Alice’s meatloaf is ready in the kitchen, but Jan left the sliding door open and your dinner’s about to walk out the door. Marsha, Marsha, Marsha!
Back from the Weeds
As we brush the Brady Bunch from our memory, let’s remember the story of an organization that was busy with three roles of their own. Then one day, when this business met these great opportunities, and they knew that it was much more than a hunch, that they would call ICS and talk about cybersecurity with their growing family, and all over lunch!
You’ll have to imagine the catchy tune, but we wrote the song on security. Call today for the full chorus.