Security News > 2024 > July > Average data breach cost jumps to $4.88 million, collateral damage increased

IBM 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.

When these technologies were used extensively across prevention workflows organizations incurred an average $2.2 million less in breach costs, compared to those with no use in these workflows - the largest cost savings revealed in the 2024 Cost of a Data Breach Report.

Internal detection shortened the data breach lifecycle by 61 days and saved organizations nearly $1 million in breach costs compared to those disclosed by an attacker.

According to the 2024 Cost of a Data Breach Report, 40% of breaches involved data stored across multiple environments and more than one-third of breaches involved shadow data, highlighting the growing challenge with tracking and safeguarding data.

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https://www.helpnetsecurity.com/2024/07/30/ibm-cost-data-breach-report-2024/