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]