IBM's annual 2024 Cost of a Data Breach report [1] has revealed that the average cost of data breaches has hit a record high of $4.88 million. This is up by 10% from 2023 as breaches grow more disruptive and further expand demands on cyber teams.

The report is based on an in-depth analysis of real-world data breaches experienced by 604 organisations globally, across 17 industries, in 16 countries, with breaches ranging from 2,100 to 113,000 compromised records. It was conducted by the Ponemon Institute between March 2023 and February 2024 and is the 19th report to be published.

Increased costs driven by lost business

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