Data breach costs hit record high as AI impacts emerge: IBM

Lenders sprinting to adopt artificial intelligence solutions could be opening the door to increasingly damaging cybersecurity incidents.

Nearly all types of companies who suffered hacks involving their AI models or applications in the past year lacked proper access controls, according to IBM’s annual Cost of a Data Breach report. Although just 13% of the 600 organizations surveyed by IBM and the Ponemon Institute suffered AI-related breaches, the majority of all impacted firms said they lack an AI governance policy.

“Organizations are skipping over security and governance for AI in favor of do-it-now AI adoption,” the report read. “Those ungoverned systems are more likely to be breached—and more costly when they are. We’re not surprised.”

The assessment comes as the average cost of a…