Originally published November 13, 2018
Financial damages from consumer data breaches are being brought to light on a grand scale. Facebook may face a $1.6 billion fine in Europe for compromising 30 million user accounts, while Uber is expected to pay $148 million for its 2016 data breach. Harsh fines prove that even the largest global enterprises are vulnerable and now more accountable by governments for their security practices.
Government fines aside, experts predict cybercrime damages will reach $6 trillion by 2021. Cybercriminals are making their way into what many believe are secure networks with increasingly complex and sophisticated cyber attacks, and it's becoming more challenging as Wide Area Networks expand to connect more people, IoT devices, and places.
IDC predicts that by 2020, 75 percent of all people will work entirely or partly in a mobile environment. Mobile enterprises will create a new range of security risks and challenges. An estimated 23 billion IoT devices are being installed worldwide, which cybercriminals can use to introduce malware or initiate denial of service attacks. Gartner predicts that by 2020, more than 25 percent of cyber-attacks will involve IoT.