IBM’s 2024 Cost of a Data Breach Report shows a 10% rise in the global average cost of breaches, now at $4.88 million. However, organizations using AI and automation saved $2.2 million on average, highlighting the financial benefits of these technologies. As breaches grow more disruptive, AI plays a crucial role in helping security teams manage the increasing challenges.
In the U.S., the average data breach cost declined slightly to $9.36 million but remains the highest globally. Healthcare continues to be the most affected industry, though breach costs dropped from $10.93 million to $9.77 million. The time to identify and contain breaches improved, hitting a seven-year low of 258 days. These findings underscore the importance of AI and automation in reducing the impact and cost of data breaches.