IBM Security's Sam Hector Unpacking IBM's Cost of a Data Breach Report

The SecurityANGLE

In this episode of the SecurityANGLE, I'm joined by Global Strategy Leader for IBM Security Sam Hector for a deep dive into one of my favorite annual reports, the 19th annual IBM Cost of a Data Breach Report.
This year’s report is based on insights from 604 organizations impacted by data breaches between March 2023 and February 2024. The research is conducted each year by the Ponemon Institute and sponsored, analyzed, and published by IBM.
Some of the things the report covers include:
• The average cost of a data breach
• The most common factors leading to a breach
•. The most common attack vectors
• The mean time it takes organizations to identify and contain a breach
• Costs by geo and industry
• The impact of involvement of law enforcement post-ransomware attack
• Last but not least, the report takes a look at the use of AI and automation in prevention and detection
On the good news front, the IBM report shares that the time to identify and contain a data breach appears to have been significantly reduced to 258 days, 26 days less than the year prior, and a 7-year low.
Another bit of very good news is that it appears internal security teams (and/or managed security services providers) are getting exponentially better at detecting their own breaches as opposed to discovery by a third party and/or notification by a threat actor.
Join Sam and me for a walk through the report, a discussion about what's happening in the industry as it relates to cyber security, the challenges customers face, and the technology solutions they are relying on to help mitigate those challenges.