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.
News URL
https://www.techrepublic.com/article/ibm-data-breach-cost/
Related news
- HPE notifies employees of data breach after Russian Office 365 hack (source)
- Fintech giant Finastra notifies victims of October data breach (source)
- US drug testing firm says data breach impacted 3.3 million people (source)
- US drug testing firm DISA says data breach impacts 3.3 million people (source)
- Background check, drug testing provider DISA suffers data breach (source)
- Data breach at Japanese telecom giant NTT hits 18,000 companies (source)
- PowerSchool previously hacked in August, months before data breach (source)
- Western Alliance Bank notifies 21,899 customers of data breach (source)
- Sperm donation giant California Cryobank warns of a data breach (source)
- Pennsylvania education union data breach hit 500,000 people (source)