Summary
The Cost of a Data Breach Report 2024 is a comprehensive report that provides IT, risk management, and security leaders with quantifiable evidence to inform strategic decision-making regarding data breaches. Conducted by the Ponemon Institute and sponsored by IBM, the research analyzed data from 604 organizations affected by data breaches between March 2023 and February 2024. The report reveals that the global average cost of a data breach has increased by 10% to USD 4.88 million, driven primarily by business disruption and post-breach customer support costs. It highlights the significant role of security AI and automation in reducing breach costs, with organizations employing these technologies reporting an average savings of USD 2.2 million. The report also discusses the ongoing cybersecurity staffing shortages, which have worsened, contributing to increased breach costs. Key findings include the impact of shadow data and the effectiveness of law enforcement involvement in reducing breach costs. Recommendations for mitigating financial and reputational damages are also provided.
