The annual cost of worldwide data breaches will surpass $5 trillion by 2024, with North American businesses absorbing the highest share, according to a newly published Juniper Research report.

Current yearly cost totals sit at $3 trillion, which means the jump to $5 trillion in five years represents an average annual growth of 11 percent.

The significant upswing "will primarily be driven by increasing fines for data breaches as regulation tightens, as well as a greater proportion of business lost as enterprises become more dependent on the digital realm," Juniper explains in a company press release announcing the release of its report, titled "The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Mitigation Strategies 2019-2024."

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