IBM Report: Half of Breached Organizations Unwilling to Increase Security Spend Despite Soaring Breach Costs
IBM News, Monday, July 24,2023
AI/Automation cut breach lifecycles by 108 days; $470,000 in extra costs for ransomware victims that avoid law enforcement; Only one third-of organizations detected the breach themselves
IBM Security today released its annual Cost of a Data Breach Report,1 showing the global average cost of a data breach reached $4.45 million in 2023 - an all-time high for the report and a 15% increase over the last 3 years. Detection and escalation costs jumped 42% over this same time frame, representing the highest portion of breach costs, and indicating a shift towards more complex breach investigations.
According to the 2023 IBM report, businesses are divided in how they plan to handle the increasing cost and frequency of data breaches. The study found that while 95% of studied organizations have experienced more than one breach, breached organizations were more likely to pass incident costs onto consumers (57%) than to increase security investments (51%).