I'm excited to announce that the 2024 Cost of a Data Breach Report is now available! This is the 19th year IBM has sponsored this industry-leading research. Covering 17 industries and 17 geographies, it has become an essential resource for security and business leaders looking to better understand the factors that contribute to the growing costs of breaches, and which solutions can help mitigate the damages.
This year, the average cost of a data breach reached an all-time high of $4.88 million (US dollars), increasing 10% from the prior year, the largest yearly jump since the pandemic. For the 14th year in a row, healthcare had the highest average cost of a breach at over $9.77M USD.
Other key findings include:
-
Understaffed Security Teams – More organizations faced severe staffing shortages compared to the prior year and observed $1.76 million on average in higher breach costs than those with low level or no security staffing issues.
-
AI-Powered Prevention Pays Off – Two out of three organizations studied are deploying security AI and automation across their SOC. When these technologies were used extensively across prevention workflows, organizations incurred $2.2 million less in average breach costs compared to those with no use in these workflows – the largest cost savings revealed in the 2024 report.
-
Data Visibility Gaps – Forty percent of breaches involved data stored across multiple environments including public cloud, private cloud, and on-prem. These breaches cost more than $5 million on average and took the longest to identify and contain (283 days).
Get the full report
Register for the External Webinar on 8/13 @ 11AM ET
Read the Press release
Follow IBM Security on Linkedin more updates and to amplify the news!
------------------------------
Sarah Villavicencio
Senior Product Marketing Manager, Threat Management Services, IBM Security
IBM
------------------------------