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New research forecasts that global data breaches could cost companies $2.1 trillion globally by 2019, an almost four times increase over estimated costs of breaches in 2015.

According to The Future of Cybercrime and Security: Financial and Corporate Threats and Mitigation cyber criminals are transitioning away from traditional “hacktivism” attacks and increasingly using sophisticated attacks to target companies.

The report also found that nearly 60 percent of predicted attacks this year will occur in North America, but this number is expected to drop as more countries become digitally connected. Additionally, the report predicts that the average cost of a data breach by 2020 will exceed $150 million.

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