Local: (805)-371-3680 | Toll Free: (800) 240-CHIV
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.
- The healthcare industry reported the highest average breach cost, now at $10.93 million. Since 2020, healthcare data breach costs have increased by 53.3%.
- Only 1 in 3 companies discovered the data breach through their internal security teams. This highlights a need for better threat detection.
- Personally identifiable information (PII) was the costliest—and most common—record compromised. PII, such as a name and Social Security number, cost organizations $183 per record.
- $470,000 was the additional cost experienced by organizations that didn’t involve law enforcement in a ransomware attack.
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.
