IBM Security Incident

All press releases IBM Report: Half of Breached Organizations Unwilling to Increase Security Spend Despite Soaring Breach Costs 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 Jul 24, 2023 CAMBRIDGE, Mass. , July 24, 2023 / PRNewswire / -- IBM (NYSE: 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%). The 2023 Cost of a Data Breach Report is based on in-depth analysis of real-world data breaches experienced by 553 organizations globally betweenMarch 2022andMarch 2023. The research, sponsored and analyzed by IBM Security, was conducted by Ponemon Institute and has been published for 18 consecutive years. Some key findings in the 2023 IBM report include: AI Picks Up Speed AI and automation had the biggest impact on speed of breach identification and containment for studied organizations. Organizations with extensive use of both AI and automation experienced a data breach lifecycle that was 108 days shorter compared to studied organizations that have not deployed these technologies (214 days versus 322 days). The Cost of Silence Ransomware victims in the study that involved law enforcement saved $470,000 in average...

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