The cost of a data breach has been continuously rising, with the average cost globally hitting $4.88 million in 2024 according to IBM's report. This figure represents a 10% increase from the previous year and a 26
4% rise from 2018. Factors contributing to this rise include a significant disruption to business for 70% of organizations, improvements in mean time to identify and contain at a 7-year low, and increased costs in lost business and post-breach responses. The costs vary regionally, with the US having the highest average breach cost of $9.36 million, healthcare being the industry with the highest cost per breach at $9.77 million, and personally identifiable information remaining the main type of data stolen. Furthermore, the report highlights the importance of handling breaches effectively to mitigate reputational damage, the significant costs of severe business downtime, impacts of regulations and litigation on costs, and the role of cyber insurance in mitigating risks. ```https://www.csoonline.com/article/567697/what-is-the-cost-of-a-data-breach-3.html