Data security and identity solutions to detect suspicious behaviors.Security tool sets that can benefit from AI and automation include: 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. Consider how AI and automation make a differenceĪI is trendy right now, but it has proven itself in the numbers, IBM found. 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. In addition, data activity-monitoring solutions can help security teams gain insight into their data stores and enforce policies automatically. Organizations would be well-served by looking into data security and compliance tools that can protect data as it moves. Organizations should be sure they have strong encryption, data security and data access policies when storing data across multicloud and hybrid cloud environments. Building security into applications during development will also help organizations keep up to date with regulations, IBM said. New Malware Targets 97 Browser Variants, 76 Crypto Wallets & 19 Password Managersīuild security into all stages of developmentīusiness leaders should keep in mind the importance of providing resources to help developers work under secure-by-design principles, making sure security comes into play in the initial design phase of major technology changes.Īpp developers who build cloud-native applications can reduce attack surfaces and bolster user privacy in the cloud. How Generative AI is a Game Changer for Cloud Security Must-read security coverageĨ Best Penetration Testing Tools and Software for 2023Ħ Best Cybersecurity Certifications of 2023 IBM recommended the following tips for business leaders trying to prevent data breaches. How business leaders can avoid data breaches A slight majority (57%) of organizations increased the prices of their business offerings after a data breach - down slightly from 60% in 2022. SEE: Explore 10 ways to improve your data security (TechRepublic) Trickle-down costs decrease slightlyĬustomers may feel the impact of data breaches. In 39% of cases, breaches crossed multiple cloud environments and ran a higher-than-average penalty of $4.75 million. The way in which an organization distributed data across its cloud environments was found to make a difference: 82% of breaches involved data stored in public, private or a combination of multiple clouds. saw a 16.6% drop in cost from $5.05 million to $4.21 million. In the U.S., the average cost of a data breach was $9.48 million, which was the highest globally. Lost business cost dropped the most, by 8.5% to $1.30 million.Ĭost was calculated using four areas of financial impact: This trend has continued in 2023, with the costs of detection and evaluation rising 9.7% to $1.58 million. On average, it took 277 days for organizations to detect a breach and return to normal service. Last year, IBM saw detection and escalation costs increase, indicating that it was taking longer to investigate breaches. In addition, one in three companies discovered a data breach themselves, as opposed to 67% of breaches reported by a third party or by the attackers. Overall, the average cost has increased 15.3% from the $3.86 million average in 2020. How business leaders can avoid data breachesĪverage data breach cost rose to $4.45 million per incidentĭata breach costs rose to $4.45 million per incident in 2023, up 2.3% from $4.35 million in 2022.Cloud data is involved in most breaches.Average data breach cost rose to $4.45 million per incident. ![]() ![]() Customer and employee personal identifiable information was the most commonly breached type of data in 2023 and was involved in 52% of all breaches reported. Image: Adobe Stockĭata breach costs rose to $4.45 million per incident in 2023, IBM found in its annual Cost of a Data Breach report. IBM Security also provided tips for how to prevent and mitigate data breaches. IBM Report: Average Cost of a Data Breach Rises to $4.45 Million
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