Intellectual property theft spiked; More than one-third of breaches involved shadow data
Yet use of AI/Automation cut breach costs by $1.88 million
CAMBRIDGE, Mass., July 30, 2024 /PRNewswire/ — IBM (NYSE: IBM) today released its annual Cost of a Data Breach Report revealing the global average cost of a data breach reached $4.88 million in 2024, as breaches grow more disruptive and further expand demands on cyber teams. Breach costs increased 10% from the prior year, the largest yearly jump since the pandemic, as 70% of breached organizations reported that the breach caused significant or very significant disruption.
Lost business and post-breach customer and third-party response costs drove the year-over-year cost spike, as the collateral damage from data breaches has only intensified. The disruptive effects data breaches are having on businesses are not only driving up costs, but are also extending the after-effect of a breach, with recovery taking more than 100 days for most of the small number (12%) …