Global Data Breach Costs Rise to Record High

July 27, 2023

IBM’s 2023 Cost of a Data Breach Report shows that the average global cost of a data breach has reached a record high of $4.45 million—a 15% rise over the last three years.

What You Need to Know:

  • Use of AI and automation significantly reduced the lifecycle of a data breach for studied organizations.
  • Involving law enforcement in ransomware attacks saved victims an average of $470,000 in breach costs.
  • Only a third of breaches were detected by an organization’s security team.
  • The average cost of data breaches in healthcare reached nearly $11 million in 2023, a 53% price increase over the past three years.
  • Early detection and fast response reduced the impact of a breach significantly.
  • On average, organizations that extensively used security AI and automation had $1.8 million lower breach costs.
  • Those who did not involve law enforcement in ransomware attacks faced average breach costs of $470,000 higher.

These findings underscore the importance of threat detection and response strategies, early detection, and fast response in effectively managing data breaches.

To read the full report, click here.

[Source: IBM, July 24th, 2023]

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