The average cost of a data breach in the UK surged to £3.58 million between March 2023 and February 2024, reflecting a 5% increase from the previous year, as reported by IBM. Financial services bore the brunt, with breaches in this sector averaging over £5.4 million. The 19th annual IBM Cost of a Data Breach report underscores the escalating impact and financial burden of cyber attacks, driven by factors such as lost business, post-breach responses, and regulatory fines.
- Stolen credentials were the leading cause of breaches, costing an average of £4.27 million, followed closely by phishing and business email compromise. Malicious insider breaches were the most expensive, averaging £4.36 million.
- Security AI and automation were highlighted as effective tools for reducing breach expenses and business impact. The report emphasises the necessity of robust, AI-driven security measures and addressing vulnerabilities related to regulatory non-compliance.
- Globally, a lack of adequate security staffing significantly contributed to higher breach costs. The report stresses the urgent need for businesses to invest in AI-powered prevention and automation technologies to bolster their security measures and mitigate the financial impact of breaches.
