Global Data Breach Costs Soar to Record High
Average Cost Rises 10% to $4.88 Million
New Report Highlights Growing Threat to Businesses
CAMBRIDGE, Mass., July 30, 2024 - IBM (NYSE: IBM) today released its annual Cost of a Data Breach Report, revealing that the global average cost of a data breach has risen to $4.88 million, a 10% increase from the previous year.
The report, which analyzed data from over 500 organizations, also found that:
- The average ransomware payment increased by 25% to $3.98 million.
- Healthcare and public sector organizations experienced the highest average breach costs.
- Organizations that had implemented a zero-trust security architecture had significantly lower breach costs.
The escalating cost of data breaches is a major concern for businesses around the world. The report highlights the need for organizations to prioritize cybersecurity investments and implement comprehensive security measures to protect their data and minimize the financial impact of breaches.
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