Security News > 2024 > August > Data Breaches Are Costing Australian Organisations, IBM Report Reveals

IBM recently released its annual Cost of a Data Breach report, revealing that the average cost of a data breach in Australia reached a record-high of AUD $4.26 million in 2024.

Initial attack vectors: Phishing was the most common initial attack vector, accounting for 22% of breaches and costing businesses AUD $4.35 million per breach on average.

Data breach lifecycle: Australian companies needed an average of 266 days to identify and contain cyber incidents - eight days longer than the global average.

According to the report, 65% of Australian organisations surveyed use these technologies within their Security Operation Centres.

The 2024 Cost of a Data Breach Report noted that involving law enforcement saved ransomware victims as much as US $1 million in breach costs.

Overall, while cyber security represents a deepening problem for Australian organizations, and the skills shortage is exacerbating this challenge, the highly strategic and national priority that Australia is placing on improving conditions should help ease costs in the future.

News URL

https://www.techrepublic.com/article/ibm-data-breach-cost-report-australia/