The cost of insecurity: $2.1 trillion every year by 2019

Juniper Research suggests cyber crime will cost global business and consumers TRILLIONS every year

Continuing digitisation of goods and services, combined with the further development of mobile, including wearables, and the so-called internet of things, will see the annual cost of cyber-crime and security breaches reach $2.1 trillion (£1.3 trillion) in just four years, according to Juniper Research.

With the rise of ransomware - malware that encrypts a user's data and demands money to provide the decryption key - the threats are becoming more serious and could potentially be spread to more devices as they become connected. "Currently, we aren't seeing much dangerous mobile or IoT malware because it's not profitable," said the report's author, James Moar.

However, that may soon change, he added.

"The kind of threats we will see on these devices will be either ransomware, with consumers' devices locked down until they pay the hackers to use their devices, or as part of botnets, where processing power is harnessed as part of a more lucrative hack. With the absence of a direct payout from IoT hacks, there is little motive for criminals to develop the required tools," said Moar.

According to Moar, cyber-crime is becoming more professional, with an increase in packaged products, often sold over the internet and payable in untraceable Bitcoins, making it easier to conduct. However, he added, Juniper notes a decline in "hacktivism" - hacks, typically of websites, intended to make a political point.

Overall, the average cost of a cyber-attack is about $6 million, it estimated, but much higher in the US and Europe - the devastating cyber-attack on US retailer Target cost both the CEO and CIO their jobs and the company an estimated $162m. Likewise, the attack on Sony Pictures will cost as much as $100m, according to Reuters.