Data Breaches Cost More Than Ever: IBM Study

A recent study by IBM Security unveils a worrying trend for businesses – the average cost of a data breach in 2024 has reached an all-time high of $4.88 million. This 10% increase from last year underscores the rising financial impact of cyberattacks. The study, titled "Cost of a Data Breach Report 2024," analyzes real-world data from hundreds of data breaches across various industries. Beyond the headline figure, the report sheds light on several key factors that contribute to the growing cost of data breaches. The disruption caused by an attack, including lost business and reputational damage, emerged as a major driver of increased costs. Notably, 70% of breached organizations reported significant or very significant disruption to their operations. Businesses that take longer to identify and contain breaches also experience higher costs.