Cost of a Data Breach for UK Businesses Averages £34m

Annual IBM Report Highlights Growing Financial Impact of Data Breaches

London, UK – 30th July 2024 – IBM (NYSE: IBM) today released its annual Cost of a Data Breach Report, revealing that the average cost of a data breach in the UK has risen to £358 million between March 2023 and February 2024. This represents a significant increase from the previous year's average of £27 million.

Financial Impact of Cyber Attacks Continues to Escalate

The report found that the financial impact of data breaches is continuing to escalate, with the average cost of a single breach now exceeding £300 million for the first time. This increase is attributed to a number of factors, including:

• The growing volume and sophistication of cyber attacks
• The increasing cost of compliance with data protection regulations
• The rising cost of downtime and business disruption

Ransomware Attacks Dominate the Threat Landscape

The report also found that ransomware attacks continue to dominate the threat landscape, accounting for 45% of all data breaches in the UK. This type of attack involves encrypting data and demanding a ransom payment in exchange for its release. The average cost of a ransomware attack in the UK is now £6.9 million.

Conclusion

The IBM Cost of a Data Breach Report is a sobering reminder of the growing financial impact of data breaches. Businesses of all sizes need to take steps to protect their data from cyber attacks, including:

• Implementing robust security measures
• Educating employees about cybersecurity risks
• Developing a comprehensive incident response plan
• Purchasing cyber insurance

By taking these steps, businesses can significantly reduce the risk of a data breach and mitigate the potential financial impact if one does occur.