IBM Security has released its annual Cost of a Data Breach Report, revealing that the global average cost of a data breach reached $4.45 million in 2023. This marks a significant increase of 15% over the past 3 years, making it the highest recorded cost in the history of the report. Notably, detection and escalation costs have seen a substantial rise of 42% during the same period, indicating a shift towards more complex breach investigations.
According to the 2023 IBM report, businesses are split on how to deal with the rising cost and frequency of data breaches. The study revealed that out of the organizations analyzed, 95% have encountered multiple breaches. Interestingly, breached organizations were more inclined to transfer incident costs to consumers (57%) rather than investing more in security (51%).
The 2023 Cost of a Data Breach Report is a comprehensive analysis of actual data breaches encountered by 553 organizations worldwide from March 2022 to March 2023. IBM Security sponsored and examined the research, which was carried out by Ponemon Institute and has been consistently published for 18 years.
Full report at IBM: https://newsroom.ibm.com/2023-07-24-IBM-Report-Half-of-Breached-Organizations-Unwilling-to-Increase-Security-Spend-Despite-Soaring-Breach-Costs
