The 2024 IBM Cost of a Data Breach found that the global average breach cost rose 10% to $4.88 million. This supports the increasing threat of data breaches in organizations within different parts of the world and call for early adoption of security best practices. A major observation is that organisations that adopt AI and automation in security reduce their cost by an average of $2.22 million as compared with organisations that do not incorporate AI and automation in security.
Unfortunately, big firms are in for a lot of costs when they experience leakage of their information. The costs are not only financial losses butloss of reputation, attorney fees, and regulatory penalties. For instance, in Equifax, 2017 incidence of data breach exposed 143 million people; the company is still feeling the pinch in terms of fines and disruption of business. That is why many companies experienced massive losses, for example, Yahoo after the data breach in 2013 and T-Mobile after the data breach in 2022.
As much as people love to associate it with Yahoo’s 2013 hacking attack, which affected 3 billion accounts. This breach compares to many others in terms of the overall number of records that were leaked and thus serves as a lesson for all the firms out there. Some of these incudes are Equifax breach that occurred in the year 2017 in which 143 MILLION peoples details information were compromised and the recent one in the year 2022 T-Mobile breach.
Of all the hacks, one of the latest and most widespread is T-Mobile in 2022, a telecommunications company. The cyber attack leaked customer information of over 54 million with their personal information such as name, Social Security Number, address and more. This incident demonstrated that the threats hanging over the telecom industry have not gone away and that an ever-increasing challenge is how to protect large amounts of client information.
According to data from IBM a data breach cost for IBM in 2024 was an average of $4.88M, which is 10% higher than that of 2023. Such cost may comprise business loss, regulatory penalties, legal cost and expenses associated with the response to the breach. Learning is a completely different thing and for the organizations that lack the proactive security approach, the same consequences can even be more expensive.
Otherwise, discussing the continued shift of workloads to third-party clouds, IBM’s report focuses strongly on Security AI and Automation. Still, organizations that deploy such technologies can cut the cost of a breach by $2.222 million on average. This is another clear indication that the world is an indication that employing sophisticated security technologies are not only an expense measure but a profitable strategy in the end.
Preventing data breaches requires a multi-faceted approach. Here are some key strategies companies can adopt:
They are not only getting more common but also more costly at the same time. As the average cost of a cyber attack goes up and new and higher level attacks are aimed at enterprises, AI, automation and security are needed. When both technology and employees are involved in preventing and protecting information, companies can minimize all the dangers and avoid negative consequences of breaches.
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