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Cost of a Data Breach Reaches Record $5 Million on Average
['Chad Hemenway']
Claims Journal
Artificial intelligence has “radically shifted” the cyber risk landscape, and the average cost of a data breach has reached a record of nearly $5 million.
According to IBM’s Cost of a Data Breach Report, cyberattackers are using AI and attacking AI.
IBM said average breach costs are worse in the U.S., reaching a record of about $11.5 million thanks to traditionally higher business costs and regulatory fines.
The healthcare industry holds the distinction as most expensive average data breach at about $6.4 million, which is actually down from an average $7.4 million.
Costs of a breach for the financial services and energy industries were an average $6.3 million and $5.2 million, respectively.