Data Security, Security Program Controls/Technologies

Record high data breach costs reported

SiliconAngle reports that global data breach costs have reached $4.45 million in 2023, which is 15% higher than three years ago and the highest on record. Most of the breach costs have been attributed to detection and escalation spending, which has grown 42% over the past three years, according to an IBM Security report. Leveraging artificial intelligence in addressing data breaches was associated with 108 days shorter breach lifecycle and nearly $1.8 million in cost savings on average, while seeking law enforcement assistance was linked to a 33-day reduction in breach lifecycles and $470,000 in cost savings. On the other hand, attacker-disclosed breaches lasted almost 80 days longer and cost about $1 million more than those identified by corporate security teams. "Security teams must focus on where adversaries are the most successful and concentrate their efforts on stopping them before they achieve their goals. Investments in threat detection and response approaches that accelerate defenders speed and efficiency such as AI and automation are crucial to shifting this balance," said McCurdy.

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