Cost of a breach reaches nearly $5 million, with healthcare being hit the hardest

The average cost of a data breach to businesses has risen by 10% in a year to $4.88 million, according to an IBM report produced with the Ponemon Institute. More than half of the organisations surveyed said they had passed on the cost increase to customers through higher prices. The report analyzed 604 businesses suffering data breaches between March 2023 and February 2024, across 17 industries and 16 countries. Most of the breaches were caused by phishing attacks or compromised credentials.