December 21, 2023 at 06:27AM
The IBM Security’s Cost of a Data Breach Report analyzes 553 breaches across 16 countries and 17 industries. Key findings include record high breach costs in 2023, emphasizing the need for strategic security investments. Recommendations urge organizations to integrate DevSecOps, secure data in hybrid cloud environments, utilize AI and automation, and strengthen incident response protocols.
The meeting notes outline key findings from the 2023 IBM Cost of a Data Breach Report, which is an annual report analyzing the financial impacts of data breaches. The 18th edition analyzed 553 breaches across 16 countries and 17 industries, revealing the following key findings:
1. The average cost of a data breach reached a record high in 2023, with healthcare breaches being the costliest. The report emphasizes the importance of a zero-trust approach and increased security investment following a breach.
2. Organizations using AI and automation, DevSecOps approach, or incident response planning and testing saved millions of dollars in breach costs.
3. Breach costs were higher and breaches took longer to contain when breached data was stored across multiple environments, emphasizing the importance of securing data across hybrid cloud environments.
4. Detecting breaches with internal security teams and involving law enforcement led to cost savings and faster breach containment.
The report’s recommendations include building security into every stage of development, protecting data across hybrid cloud environments, using security AI and automation, and strengthening resiliency through incident response planning and testing.
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