This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
2023 Cost of a Data Breach: Key Takeaways
It’s that time of year - IBM has released its “Cost of a Data Breach Report.” This year’s report is jam-packed with some new research and findings that highlight how organizations are implementing security and risk mitigation techniques to help identify and contain data breaches.
- The average total cost of a data breach has reached an all-time high in 2023 of $4.45 million. This is an increase of 2.3% from last year’s $4.35 million.
- Even with data breach costs rising, surveyed companies were split 49% to 51% on whether to increase security investments. Areas identified for investment included incident planning and response, employee training, threat detection and response technologies.
- AI and automation investments show reduced costs and minimized time to identify and contain data breaches.
- Cloud environments were frequent targets, with attackers often gaining access to multiple environments, with 39% of breaches spanning multiple instances with an average cost of $4.75 million.