IBM Security's annual Cost of a Data Breach Report has revealed that the global average cost of a data breach has hit an all-time high of $4.45 million in 2023, a 15% increase over the last three years. The study also revealed that detection and escalation costs grew by 42%, indicating a shift towards more complex breach investigations. However, despite these rising costs, the report found that breached organisations are more likely to pass incident costs onto consumers (57%) than to increase security investments (51%). The 2023 study involved in-depth analysis of data breaches experienced by 553 global organisations.
According to the report, AI and automation had the biggest impact on the speed of breach identification and containment for studied organisations. Additionally, the report found that ransomware victims who involved law enforcement saved $470,000 in average costs of a breach compared to those who chose not to involve law enforcement. Only one-third of studied breaches were detected by an organisation's own security team, compared to 27% that were disclosed by an attacker.
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