IBM Security Incident

In 2023, the average cost of a data breach has reached a record high of US$ 4.45 million, according to the 2023 cost of a data breach report by IBMand the Ponemon institute, an increase of 2%compared to 2022 (US$ 4.35 milion). The report by Ponemon Institute and IBM Security takes into account hundreds of cost factors from legal, regulatory, and technical activities, loss of brand equity, customer turnover, and drain on employee productivity. Its findings are based on 550 breaches across 17 countries and 17 industries with data gathered from over 3,600 interviews. In this post, we summarize the critical findings of the report to help you align your data security and data breach prevention strategies against the key risk factors in 2023. Learn how to prevent costly data breaches. Download the free guide > 17 Key Findings of the 2023 IBM Cost of Data Breach Report The 17th cost of a data breach report by IBM and the Ponemon institute had 13 key findings: 1. Average Total Data Breach Cost Increased By 2.2% The yearly average data breach cost increased the most between the year's 2020 and 2021 - a spike likely influenced by the COVID-19 pandemic. The average data breach costs in 2022 is $4.45 million, a 2.2% rise from 2022 amount of $4.35 million. 2. Average Breach Cost was almost USD$1 Million More Where Remote Work was a Factor Organizations adopting some form of a remote working model paid an average of USD$4.99 million for data breach damages, almost US$1 million more than organizations where remote work is not a factor. 3. The Cost of a Data Breach was the Highest in the Healthcare Industry (again) For the twelfth consecutive year, the healthcare industry has the highest data breach costs. In 2022, the healthcare industry is paying an average of US$ 10.10 million for a data breach, 9.4%more than the figure in 2021. 4. Lost Business Was Not the Primary Factor of Data Breach Costs. Lost business costs actually decreased for the first time in 6 years, removing...

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