Cost of data breaches hits all time high, new IBM report finds

The average cost is now $4.45 million, up 15 per cent in three years

Elaine Hanley of IBM said that smaller businesses were particularly targeted. Picture: IBM

The cost of data breaches has hit an all-time high, according to new research by IBM.

The IT giant’s annual Cost of Data Breach report found that the average cost of a breach is now $4.45 million (€4.02 million), which represents a 15 per cent increase over the last three years.

Costs related to detection and escalation of breaches have also risen by 42 per cent over the same time frame.

The study comes after several Irish companies were hit by the Moveit cyber attack earlier this summer.