According to a recent IBM analysis, the cost of a data breach has reached an all-time high after steadily rising over the years.
IBM conducted a global survey of more than 500 organisations and discovered that the average cost of a data breach is now USD 4.45 million, up 15% from just three years ago.
The majority of breach expenses are spent on detection and escalation charges, which climbed by nearly 50% over time. According to IBM, this indicates a shift towards breach investigations becoming more intricate.
Automation and AI had the most influence on how quickly breaches were discovered and contained. Businesses that utilise AI and automation were able to address a cyberattack issue in 322 days as opposed to 214 days, which is a reduction of 108 days, IBM analysis stated.
“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.
“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,” McCurdy added.
Businesses that used automation and AI for security spent USD 1.8 million less in expenditures related to data breaches.
However, hackers also use these tools, and it helps them to shorten the average time required to launch a ransomware attack.
Researchers also examined that the notion of calling the police in the middle of a ransomware attack will just make matters worse and cost more money.
They came to the conclusion that the opposite is true—organizations that chose not to call the police experienced breach lifecycles that were 33 days longer and had average breach costs of USD 470,000 greater than those of organisations that did.