IBM have recently published their much-respected data breach cost analysis for 2024.
The research, which was conducted by the Ponemon Institute, studied 604 organisations impacted by data breaches over 12 months in 17 sectors and across 16 countries/regions. The headline finding of the analysis indicates that the average data breach cost has risen by c. 10% since last year’s report from $4.45m to $4.88m broken down as follows:
- Lost business – $1.47m
- Detection and escalation – $1.63m
- Post breach response – $1.35m
- Notification – $0.43m
A further breakdown of the average data breach costs by sector is provided below*:
*Figures are $m
The report also notes that the average time taken to identify and contain a data breach remains stubbornly high at 248 days.
The full report is available to view here.
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Whilst care has been taken in the production of this article and the information contained within it has been obtained from sources that Griffiths & Armour, an Aon company believes to be reliable, Griffiths & Armour, an Aon company does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of the article or any part of it and can accept no liability for any loss incurred in any way whatsoever by any person who may rely on it. In any case any recipient shall be entirely responsible for the use to which it puts this article.This article has been compiled using information available to us up to 4 September 2024
