IBM’s 2024 Cost of a Data Breach Report: AI-Powered Security Lowers Costs

The IBM's 2024 Cost of Data Breach Report reveals a significant increase in the cost of data breaches, with an average cost rising nearly 10% to $4.88 million. Business disruption is cited as the greatest contributing factor to this rise. AI-led attacks are also making breaches more frequent and expensive. The use of AI and automation extensively in security can lower the cost of breaches by up to $2.22 million, with organizations that used AI for prevention reducing costs by 45.6%. Automating threat detection and response processes using AI can help businesses identify and contain breaches faster, thereby minimizing losses.