Security News > 2023 > September > Key Cybersecurity Tools That Can Mitigate the Cost of a Breach

The average cost of a breach rose once again to $4.45 million, increasing 15% over the last three years.

I can't make any promises regarding your bottom line, but I can offer some opinions on where I see risk reduction and potential cost savings in the event of a breach.

Another point to note is it's not just industry giants being impacted - organizations with fewer than 500 employees suffered higher average data breach costs in 2023 than the previous two years.

Organizations with a well-designed incident response plan reduced data breach damage costs by 61%, paying $2.66 million less than the global average.

39% of breaches spanned multiple cloud environments, leading to a higher-than-average breach cost of $4.75 million.

The takeaway of IBM's 2023 Cost of a Breach report is clear: organizations with an understanding of where their vulnerabilities lie, accurate views of their attack surface, an effective incident response plan, and tools for dealing with compromised credentials will suffer fewer breaches.

News URL

https://thehackernews.com/2023/09/key-cybersecurity-tools-that-can.html