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.
Griffiths & Armour recommends that organisations review their cyber risk management strategy in light of these new findings. To support our clients we can conduct Cyber insurance assessments to aid the understanding of cyber risk exposure to inform the insurance risk transfer strategy. Further cyber risk and cyber incident response guidance supplemented by template policies and plan documentation plus e-learning is available via RMworks, which is available to all Griffiths & Armour clients.
For further information and support, please get in touch.
