According to IBM's annual report, the average cost of a data breach reached a record $4.88 million in 2024, marking a 10% increase from 2023. The study, conducted by the Ponemon Institute across 604 organisations, found that 70% of affected companies experienced significant operational disruptions.

Stolen credentials were the most common attack vector (16%) and the slowest to mitigate, taking nearly 10 months.

Companies facing a cybersecurity skills shortage incurred additional costs of $1.76 million. Notably, organisations that deployed AI-driven security tools reduced costs by an average of $2.2 million.

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