Security teams are getting better at detecting and responding to breach incursions, but attackers are inflicting greater pain on organizations’ bottom lines. IBM’s recent Cost of a Data Breach Report 2024 found the global average breach hit a record $4.88 million. That’s a 10% increase from 2023 and the largest spike since the pandemic.
While the study notes that organizations, on average, improved their time to identify and contain breaches, rising business costs drove the global average breach cost higher. Among the largest contributors were lost business costs, expenses from post-breach customer support (such as setting up help desks and credit monitoring services) and paying regulatory fines. Some 70% of the 604 organizations studied reported that their operations were either significantly or moderately disrupted.
The new research, conducted independently by Ponenom Institute and analyzed by IBM, studied breached organizations from 16 countries and regions and across 17 industries. It also included interviews with 3,556 security and business professionals from the breached organizations. In its 19th year, the Cost of a Data Breach Report provides actionable insights and up-to-date research, making it a critical benchmark for the industry.
While the report’s findings suggest some damages from a breach are unavoidable, they also highlight several risk areas that security teams can and should address. For instance, the findings underscore the growing importance of security AI and automation technologies for mitigating breach impacts and lowering costs associated with those breaches.
Below are those takeaways and several others from the Cost of a Data Breach Report 2024.
AI and automation in security most effective at reducing average costs
More organizations are adopting AI and automation in their security operations, up 10% from the 2023 report. And most promising, the use of AI in pr ..
Support the originator by clicking the read the rest link below.
