The 2024 Data Breach Trends Report from the Identity Theft Resource Center (ITRC) reveals a troubling reality—despite ongoing cybersecurity efforts, data breaches remain at near-record levels, with over 1.7 billion victim notices issued, a staggering 312% increase from the previous year. According to James E. Lee, President of the ITRC, “Stolen and compromised data is so ubiquitous that the number of people and businesses who have not been impacted by a data breach is now dwarfed by the number of victims who have—by a factor of five”​. This surge, driven largely by six massive mega-breaches, underscores the urgent need for stronger data security measures, better breach disclosure policies, and widespread adoption of advanced authentication solutions like passkeys.
This report highlights the key trends shaping cybersecurity in 2024, including the industries most affected, the growing impact of AI in cyberattacks, and strategies to enhance data protection for businesses and individuals alike.
Key Findings: The State of Data Breaches in 2024
1. Data Breaches in 2024 Remain at Record Highs
- Total breaches reported: 3,158 (only 44 short of 2023’s record).
- Victim notices issued: Over 1.7 billion notices, representing a 312% year-over-year increase.
- Six major mega-breaches accounted for 85% of all victim notices.
- Despite new privacy laws, data breaches continue to rise.
The rise in victim notices suggests that while breach disclosures may have increased, security improvements remain inadequate.
2. Financial Sector Overtakes Healthcare as the Most Targeted Industry
For the first time since 2018, financial services surpassed healthcare as the most breached industry.
Top Five Breached Industries in 2024
- Financial Services – 737 breaches
- Healthcare – 536 breaches
- Professional Services – 345 breaches
- Manufacturing – 317 breaches
- Education – 162 breaches
While commercial banks and insurance companies saw an increase in attacks, healthcare remained a major target, with breaches exposing sensitive medical and insurance records.
3. Cyberattack Trends and Emerging Threats
Cyberattacks remained the leading cause of data breaches, with stolen credentials, phishing, and AI-driven scams being the most common attack methods.
Most Common Cyberattack Methods in 2024
- Phishing & Smishing Attacks – 455 incidents
- Ransomware – 188 reported cases
- Malware Attacks – 48 breaches
- Credential Stuffing – 29 breaches
Alarmingly, 65% of breach notices failed to disclose the attack method, raising concerns about transparency in cyberattack reporting.
Enhance Protection in 2025
1. Strengthen Authentication and Password Security
One of the most effective ways to prevent data breaches is to eliminate weak passwords and implement stronger authentication methods.
- Adopt Multi-Factor Authentication (MFA) and Passkeys
- Eliminate password reuse across accounts
- Enable biometric authentication for added security
According to the ITRC, many of the biggest breaches of 2024 could have been prevented if organizations had properly implemented MFA and passkeys.
2. Improve Cloud Security Measures
21 major breaches were linked to misconfigured cloud security settings, emphasizing the need for better cloud security controls.
Key Cloud Security Best Practices:
- Implement a Zero Trust security model
- Regularly audit cloud permissions
- Enable automated patching for vulnerabilities
3. AI’s Role in Cybersecurity: A Double-Edged Sword
While AI is helping attackers create more sophisticated cyber threats, it is also being used to enhance cybersecurity defenses.
How AI is Helping Cybersecurity:
- AI-driven monitoring tools detect anomalies faster
- Automated security patches prevent vulnerabilities
- Predictive risk analysis enhances cyber resilience
Organizations should invest in AI-powered cybersecurity solutions to stay ahead of cybercriminals.
Are Data Breach Disclosure Laws Failing?
Despite state and federal breach notification laws, breaches continue to rise, and disclosure remains inadequate.
Key Issues with Current Disclosure Laws:
- 70% of cyberattack-related breach notices lacked details on attack methods
- Publicly traded companies accounted for 76% of all victim notices, despite being only 7% of affected organizations
- Many breaches remain underreported or undisclosed due to regulatory loopholes
However, state privacy laws are beginning to take the lead. Twenty U.S. states have passed comprehensive privacy laws, with eight more taking effect in 2025.
Final Thoughts: The Future of Data Security
The 2024 Data Breach Trends Report highlights ongoing cybersecurity failures but also presents opportunities for stronger data protection.
Key Takeaways for 2024:
- Businesses must implement MFA and passkeys to prevent credential-based attacks.
- Cloud security misconfigurations remain a major vulnerability.
- AI is transforming cybersecurity—for both attackers and defenders.
- Data breach disclosure laws need improvement for greater transparency.
By adopting proactive cybersecurity measures, businesses and individuals can reduce their risk of data breaches and better protect sensitive information.
FAQs on 2024 Data Breach Trends
1. What were the biggest data breaches in 2024?
The largest data breaches included:
- Ticketmaster Entertainment – 560 million victims
- Advance Auto Parts – 380 million victims
- Change Healthcare – 190 million victims
- AT&T – 110 million victims
2. What industries were most affected by cyberattacks in 2024?
The financial services sector had the highest number of breaches, followed by healthcare, professional services, and manufacturing.
3. How can businesses prevent data breaches?
- Use Multi-Factor Authentication (MFA) and passkeys
- Train employees on phishing scams and social engineering
- Monitor and secure cloud environments
4. How is AI impacting cybersecurity?
AI is being used by both attackers and defenders. Cybercriminals leverage AI for phishing and automated attacks, while security teams use AI for threat detection and automated responses.
5. Are state data privacy laws more effective than federal laws?
Yes. Twenty U.S. states have passed strong privacy laws, and more are expected in 2025, filling the gap left by federal inaction.
Articles related to 2024 Data Breach Trends:
- đź”— Get More Cybersecurity Insights and the Full Report HERE: ITRC 2024 Data Breach Report
- 10 Shocking Methods Identity Thieves Are Using in 2024 and How to Protect Yourself
