Growth in the frequency of cyber attacks means that data breaches will cost the global economy over $2.1tn by 2019, according to Juniper Research.
The firm revealed the news in a Cybercrime and the Internet of Threats white paper, which cited consumerisation and the digitising of corporate information as principal reasons for the rise.
The figure marks a fourfold increase on Juniper's 2015 estimated global cost of security breaches, and follows widespread reports that businesses are migrating the majority of their systems to the cloud.
The report highlighted an increase in the volume of cyber attacks targeting businesses as another factor adding to the growing cost of data breaches.
Juniper Research analyst James Moar said that, despite the growth in volume, most of the attacks will remain fairly basic and target PCs, as opposed to device categories such as mobile and wearables.
"Currently, we aren't seeing much dangerous mobile or Internet of Things [IoT] malware because it's not profitable," explained Moar.
"The kind of threats we will see on these devices will be ransomware, with consumers' devices locked down until they pay the hackers, 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."
Juniper Research is one of many firms to warn of the effectiveness of basic cyber attacks.
Verizon's Data Breach Investigations Report revealed that an alarming one in four phishing attacks is successful.
Perhap surprisingly, the report highlighted a lack of interest in mobile in the hacker community, saying that a tiny 0.3 percent of infections occurred on smartphones and tablets.
The US Department of Defence (DoD) issued a separate warning calling for businesses to be extra wary of cyber attacks stemming from China.
The DoD's Security Developments Involving the People's Republic of China 2015 report followed the uncovering of evidence that China is developing attack tools capable of knocking a nation's infrastructure offline using data stolen during hacks.
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