The average cost of a data breach reached a new record of $4.45 million in 2023, according to IBM’s latest Data Breach report.
Why it matters: With data breach costs increasing, organizations must prepare better by understanding breach causes and the factors that increase or reduce costs. Cyber insurance is only a small part of what businesses can do to help with data breaches.
What they found: Data breach costs in the U.S. were more than double the global average costing $9.48 million.
What they’re saying: “Time is the new currency in cybersecurity both for the defenders and the attackers. As the report shows, early detection and fast response can significantly reduce the impact of a breach,” Chris McCurdy, general manager worldwide, IBM Security Services, said in a statement.
Methodology: IBM and the Ponemon Institute stitched together the global picture of data breach costs using data from over 553 breaches in 16 countries.
Go Deeper: Read the complete Cost of a Data Breach 2023.
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