IBM Security Incident

All press releases IBM Report: Escalating Data Breach Disruption Pushes Costs to New Highs Intellectual property theft spiked; More than one-third of breaches involved shadow data Yet use of AI/Automation cut breach costs by $1.88 million Jul 30, 2024 CAMBRIDGE, Mass. , July 30, 2024 / PRNewswire / -- IBM (NYSE: IBM ) today released its annual Cost of a Data Breach Report revealing the global average cost of a data breach reached $4.88 million in 2024,as breaches grow more disruptive and further expand demands on cyber teams. Breach costs increased 10% from the prior year, the largest yearly jump since the pandemic, as 70% of breached organizations reported that the breach caused significant or very significant disruption. Lost business and post-breach customer and third-party response costs drove the year-over-year cost spike, as the collateral damage from data breaches has only intensified. The disruptive effects data breaches are having on businesses are not only driving up costs, but are also extending the after-effect of a breach, with recovery taking more than 100 days for most of the small number (12%) of breached organizations that were able to fully recover. The 2024 Cost of a Data Breach Report is based on an in-depth analysis of real-world data breaches experienced by 604 organizations globally between March 2023 and February 2024 . The research, conducted by Ponemon Institute, and sponsored and analyzed by IBM, has been published for 19 consecutive years and has studied the breaches of more than 6,000 organizations, becoming an industry benchmark. Some key findings in the 2024 IBM report include: Understaffed Security Teams More organizations faced severe staffing shortages compared to the prior year (26% increase) and observed an average of $1.76 million in higher breach costs than those with low level or no security staffing issues. AI-Powered Prevention Pays Off Two out of three organizations studied are deploying security AI and automation...

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