Average data breach cost jumps to $4.88 million, collateral damage increased

IBM’s annual Cost of a Data Breach Report reveals the average cost of a data breach hit $4.88 million in 2024, a 10% increase from the previous year. This rise is attributed to disruptions caused by breaches and the cost of customer and third-party responses. The report also highlights that businesses with severe staffing shortages faced higher breach costs. It indicates that AI and automation technologies can reduce these costs, with organisations using them extensively reporting an average $2.2 million less in breach costs.