09/25/2023

2023 Cost of a Data Breach: Key Takeaways

FORTRA

It’s that time of year - IBM has released its “Cost of a Data Breach Report.” This year’s report is jam-packed with some new research and findings that highlight how organizations are implementing security and risk mitigation techniques to help identify and contain data breaches.

Key Takeaways

• The average total cost of a data breach has reached an all-time high in 2023 of $4.45 million. This is an increase of 2.3% from last year’s $4.35 million.
• Even with data breach costs rising, surveyed companies were split 49% to 51% on whether to increase security investments. Areas identified for investment included incident planning and response, employee training, threat detection and response technologies.
• AI and automation investments show reduced costs and minimized time to identify and contain data breaches.
• Cloud environments were frequent targets, with attackers often gaining access to multiple environments, with 39% of breaches spanning multiple instances with an average cost of $4.75 million.

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