The Cost Of A Data Breach Reaches An All-Time High
Rezilion, Thursday, August 17,2023
Like most things in life, the cost of a data breach has gone up, reaching an all-time high of $4.45 million-a 2.3% increase over last year's cost, according to IBM's newly-released Cost of a Data Breach 2023 report.
In the firm's 2020 report, the average cost was $3.86 million, a 15.3% increase. Not surprisingly, this is prompting 51% of organizations to increase security investments as a result of a breach, in areas including incident response (IR) planning and testing, employee training, and threat detection and response tools.
Enter AI and Automation
As in many other use cases, AI can be the panacea. Organizations that use security AI and automation extensively can realize an average savings of $1.76 million compared to organizations that don't, the report notes.