IBM’s latest “Cost of a Data Breach Report” for 2024 reveals that the global average cost of a data breach has surged to $4.88 million, marking a 10% increase from 2023. This rise, the largest since the pandemic, is attributed to escalating lost business and increased post-breach response costs. The study, conducted by the Ponemon Institute and sponsored by IBM, analyzed data from 604 organizations worldwide between March 2023 and February 2024. It highlights that 70% of breached organizations experienced significant disruptions, with recovery taking over 100 days for many.
The report underscores critical issues such as the impact of understaffed security teams, which faced 26% higher breach costs, and the effectiveness of AI-powered security measures. Organizations extensively using AI in security operations saw an average cost reduction of $2.2 million per breach. Data visibility gaps remain a major concern, with breaches involving data across multiple environments averaging over $5 million in costs. The report also notes a notable increase in intellectual property theft and the role of law enforcement in reducing breach costs. IBM's findings emphasize the need for enhanced security measures and investment in advanced technologies to mitigate future breaches.
