Average cost of industrial data breaches soars
In 2024, the average cost of a data breach skyrocketed to $4.88 million, up from $4.45 million in 2023, showing a 10 percent spike and the highest increase since the pandemic.
Some industries though have seen even bigger increases. Data from a Stocklytics survey of 604 organizations across 17 industries and in 16 countries between March 2023 and February 2024 shows the industrial sector has seen the biggest data breach cost growth in the past year.
In 2024, the average data breach cost reported by companies in this sector amounted to $5.56 million, the third-highest figure behind the healthcare and financial industry. The average data breach cost in the industrial sector has surged by $860,000 year-on-year.
The average data breach cost in the tech industry jumped by 16.9 percent and hit $5.45 million in 2024. The retail market also saw a 17.5 percent increase, but its average data breach cost rose by roughly half a million dollars and hit $3.45 million. Professional services, entertainment, and hospitality sectors saw roughly a 13 percent data breach cost growth in the past year. The media and energy industry reported around a 10 percent increase, while pharmaceuticals, transportation, and communication sectors followed with roughly five percent.
By contrast five sectors saw their average data breach cost drop since 2023. The healthcare industry has seen the biggest decrease of over $1.1 million or 10.6 percent. The education, research, financial, and public sectors follow, with 4.1 percent, 3.5 percent, 2.9 percent, and 1.9 percent drops, respectively.
Looked at by geography the average data breach cost in the United States has dropped from $9.48 million to $9.36 million, but that's still more than in any other of the 16 surveyed countries and regions. The Middle East is the only one close to the United States, with an average data breach cost of $8.75 million in 2024. Rounding out the top five are Benelux, Germany, and Italy with $5.9 million, $5.31 million and $4.73 million, respectively.
You can see the full findings on the Stocklytics site.
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