Data Breaches Surge: Recovery Times and Costs Skyrocket in 2024
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Contributed by: Drex DeFord
Summary
Recent reports from 2024 highlight that organizations are experiencing prolonged recovery times and rising costs from data breaches, with average recovery taking 7.3 months, exceeding initial expectations by 25%. Companies cutting cybersecurity budgets faced the most severe impacts, averaging 68 incidents and recovery times of 10.9 months. Identity-related breaches, reported by 40% of respondents, were deemed particularly costly, with significant financial fallout in sectors like agriculture and aerospace. Additionally, the increase in breaches has spurred over 1,300 class action lawsuits related to data privacy, more than doubling claims from the previous year.
