The cost of a data breach continues to escalate

[Caute_cautim]

Hi All

The cost cannot be completely quantified, but 70% of breached organisations reported significant disruption to their businesses.

The global average cost of a data breach leaped by 10% compared to the previous reporting period, hitting US$4.88 million, according to the 19th annual Cost of a Data Breach Report from IBM, which covers the period from March 2023 to February 2024.

That’s a whopping 26.4% higher than the US$3.86 million reported in the 2018 edition, just six years ago, and 39.4% higher than in 2014.

“The report highlights trends I have been concerned about since the second half of 2023 when we started seeing organizations cut security staffing and budget,” said David Shipley, CEO and co-founder of Beauceron Security. “These are predictable outcomes of the combination of an out-of-control cybercrime wildfire combined with cutbacks both in cyber fire prevention and firefighting.”

https://www.csoonline.com/article/3479321/the-cost-of-a-data-breach-continues-to-escalate.html

Regards

Caute_Cautim

 

[dcontesti]

While I realize CrowdStrike outage was not a Security Breach but a change incident, Delta Airlines has estimated that the outage has cost them somewhere between $350 Million and $500 Million to rebook, settle claims, etc. So the numbers in the article seem very realistic.

d

[leefarrellhelps]

The rising costs of data breaches are indeed alarming, especially with the reported 10% increase to $4.88 million. It's concerning to see the combination of increasing cybercrime and reduced security budgets leading to more significant impacts on businesses. It's clear that prioritizing cybersecurity investments is more crucial than ever to mitigate these risks.