Industrial organizations recently received a report card on their performance regarding data breach costs. And there’s plenty of room for improvement.
According to the 2024 IBM Cost of a Data Breach (CODB) report, the average total cost of a data breach in the industrial sector was $5.56 million. This reflects an 18% increase for the sector compared to 2023.
These figures place the industrial sector in third place for breach costs among the 17 industries studied. On average, data breaches cost industrial organizations 13% more than the $4.88 million global average.
Clearly, the industrial sector is facing strong headwinds when it comes to dealing with data breaches. Let’s take a closer look at some of the challenges tied to the sector, as well as solutions that can help reduce the impact of cyberattacks on industrial organizations.
Highest increase in cost of data breach
The industrial sector experienced the highest data breach cost increase of all industries surveyed in the 2024 COBD report, rising by an average of $830,000 per breach over last year. Organizations in this sector are highly sensitive to operational interruptions since a manufacturing plant shutdown can be devastating. For example, unplanned downtime, perhaps due to ransomware, could cost up to $125,000 per hour.
Part of the problem may be found in the time to identify and contain a data breach at industrial organizations. At 199 days to identify and 73 days to cont ..
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