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ARTICLE · 31 JULY 2024

The Cost Of A Data Breach: What It Could Mean For Your Business

MLT Aikins LLP
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IBM recently released its annual Cost of a Data Breach Report. This report is prepared each year to provide up-to-date information for organizations on the cost of a data breach.

CanadaTechnology
Kristél Kriel
Kristél Kriel
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IBM recently released its annual Cost of a Data Breach Report. This report is prepared each year to provide up-to-date information for organizations on the cost of a data breach.

The report provides information for IT and business leaders to use to enhance security measures in an effort to reduce the impact of a potential data breach. Highly comprehensive, the report contains data from 604 organizations, across 17 industries and in 16 different countries that were impacted by a data breach. A copy of the 2024 full report can be found here.

The key findings from the report include the following (all monetary amounts are in USD):

  • The global cost of a data breach in 2024 was $4.88 million; a 10% increase from 2023 ($4.45 million).

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