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IBM 2023 Cost of a Data Breach Report
Cybersecurity technologies are a critical, but also often an expensive necessity for organizations today. When deciding on security solutions and processes, it helps to understand the causes and costs of data breaches. To help, we're providing the well-known, annual IBM-Ponemon Institute's report, "The Cost of a Data Breach," which surveys organizations on how data breaches have impacted themThis reportrt for 2023 — conducted independently by the Ponemon Institute and sponsored, analyzed and published by IBM Security®—studied 553 organizations impacted by data breaches that occurred between March 2022 and March 2023.
Download this free research to learn about the root causes and short-term and long-term consequences of data breaches. The report also explores the factors and technologies that enabled companies to limit losses —as well as those that led to increased costs.
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In 2023, the average cost of a data breach reached USD 4.45 million, marking a 2.3% increase from the previous year's cost of USD 4.35 million. Over the long term, this represents a 15.3% rise from USD 3.86 million in 2020.
Impact of Security Investments
The report indicates that organizations are nearly evenly split on whether they plan to increase security investments following a data breach. The primary areas for potential investment include incident response planning, employee training, and threat detection technologies.
Role of Law Enforcement in Ransomware Incidents
Research shows that organizations that did not involve law enforcement in ransomware incidents faced 9.6% higher costs and experienced a breach lifecycle that was 33 days longer compared to those that did involve law enforcement.
IBM 2023 Cost of a Data Breach Report
published by Network Architects
We have been in business for over 20 years, serving clients in Seattle, Bellevue, and throughout the Puget Sound. We provide world-class technology management services for a fraction of the cost of hiring an IT department. Plus we get to know our clients, offering personalized service to meet your individual business and technology needs.
We have been in business for over 20 years, serving clients in Seattle, Bellevue, and throughout the Puget Sound. We provide world-class technology management services for a fraction of the cost of hiring an IT department. Plus we get to know our clients, offering personalized service to meet your individual business and technology needs.
When you work with Network Architects, you get the full depth and breadth of our professional expertise in all sectors of the economy. Our staff of certified engineers and technical experts comes from multiple industries, including the financial sector, telecommunications, sales, and small and mid-sized business operations. Our team has also handled the data and network security for Fortune 500 corporations, high-net-worth individuals as well as colleges and universities.
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