The average cost of a retail data breach

Data breaches are getting costlier for retailers. A new IBM study reveals that data breaches are rapidly becoming more expensive for retailers to mitigate. According to the annual  IBM “Cost of a Data Breach Report,” the average cost of a retail data breach in 2024 jumped 18% to $3.48 million in 2024, an 18% increase from $2.96 million in 2023. This cost is still 33% lower than the global average across industries of $4.88 million.