Security News > 2023 > September > Australian Data Breach Costs are Rising — What Can IT Leaders Do?

According to IBM's Cost of a Data Breach Report 2023, the average cost of a data breach in Australia has grown by 32% in five years to AU $4.03 million.

As the risk of data breach incidents rise, IT leaders are in a position to minimize the cost of a data breach by implementing DevSecOps, utilizing AI and automation, prioritizing incident response planning and testing, streamlining data breach discovery and taking out adequate cybersecurity insurance for when the worst happens.

The Office of the Australian Information Commissioner's September 2023 report on Australia's Notifiable Data Breach scheme found there were 409 data breach notifications from January to June 2023.

IBM uses an activity-based costing approach that breaks down costs along the four common stages of the data breach life cycle, based on extensive research on real data breaches.

An interesting finding from IBM's Cost of a Data Breach Report 2023 was that, among organizations that suffered a data breach around the world, only 51% were planning to increase cybersecurity investments as a result.

A likely outcome is that the costs of a data breach will end up being passed on to an organization's customers: 57% of respondents said data breaches led to a subsequent increase in the pricing of their business offerings.

News URL

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