"Average Cost of a Data Breach Reaches $4.45 Million in 2023"

IBM published its annual Cost of a Data Breach Report, revealing that the global average data breach cost reached $4.45 million in 2023, a 15 percent increase over the previous three years. Detection and escalation costs increased by 42 percent during the same time, representing the largest portion of breach costs and signaling a shift toward more complex breach investigations. According to the report, business strategies regarding the rising cost and frequency of data breaches are diverse. The study found that although 95 percent of organizations studied have experienced multiple breaches, breached organizations are more likely to pass incident costs on to consumers (57 percent) than to increase security investments (51 percent). This article continues to discuss key findings from IBM's latest Cost of a Data Breach Report.

Help Net Security reports "Average Cost of a Data Breach Reaches $4.45 Million in 2023"