Security News > 2023 > July > IBM Report: Average Cost of a Data Breach Rises to $4.45 Million

Data breach costs rose to $4.45 million per incident in 2023, IBM found in its annual Cost of a Data Breach report.

Average data breach cost rose to $4.45 million per incident.

Data breach costs rose to $4.45 million per incident in 2023, up 2.3% from $4.35 million in 2022.

IBM recommended data security posture management, which is a newer service that can identify vulnerable data across structured and unstructured assets within cloud service providers, software-as-a-service properties and data lakes.

Companies using extensive security AI and automation were found to have a $1.76 million lower data breach cost on average, as well as a 108-day shorter time to identify and contain the breach.

Organizations with mature, high levels of incident response had on average $1.49 million lower data breach costs, compared to organizations with low levels or none, and resolved incidents 54 days faster.

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https://www.techrepublic.com/article/ibm-data-breach-cost/