Average Cost of a Data Breach is Now $4.45 Million

Average Cost of a Data Breach is Now $4.45 Million

As we close out the year, it’s essential to acknowledge some of the biggest cybersecurity threats of 2023 and how we can help address them. The average cost of a data breach rose to $4.45 million, up 2.3% from the average cost in 2022. More than ever, organizations are focused on hardening their environments and protecting their data. 

The following statistics are provided by the IBM Cost of a Data Breach report.

Did you know?

  • Only 1/3 of companies discovered a data breach through their security teams. Threat detection services such as Horizon3, Huntress, and SentinelOne can help organizations quickly identify threats to minimize their risk of a breach or attack. These security solutions provide autonomous penetration testing, search for persistent footholds, and MDR capabilities. 
  • 82% of breaches occurred in the cloud (public, private, or hybrid). This is particularly important to note as there is a common misconception that the cloud is “more secure,” when, in fact, it is just as vulnerable as keeping your data on-premises. Utilizing a cloud security platform such as Lacework can help maximize coverage and help you understand your attack surface. In addition, having a secure and immutable backup solution like Rubrik included in your disaster recovery planning will further protect your data.
  • Organizations that utilized high levels of Incident Response (IR) planning testing saved $1.49 million to contain the cost of a data breach. Evaluating your proficiency with a DRP/IRP Tabletop Test can validate your existing DRP/IRP documents and identify their strengths and weaknesses before an actual incident occurs. These exercises can help facilitate open dialogue with your team about security incidents, test real-world scenarios likely to impact your business and improve your plans, procedures, and playbooks.
  • Customer Personal Identifiable Information (PII) was the most common and most expensive record compromised. More than half of all data breaches involved some form of customer PII. Failure to protect PII can cost you more than time and money; it can also cost you customers. Identifying the locations of PII within your network and classifying the data according to its sensitivity while conducting periodic security training with your team can help your staff understand how to protect PII and other sensitive data. In addition, it can also help create a culture of security within your organization.

With the holidays approaching, it’s important to remember that cybercriminals don’t take time off. The Tego Advisory Services team is dedicated to helping clients reduce risk. For more information on how we can help you with any of these security threats, contact us today. 

About the author
Jennifer Vosburgh is a seasoned Marketing and Communications professional. With over 15 years of experience, she has a strong background in Marketing, Communications, and Event Management. As Vice President of Tego Data Systems in Raleigh, NC, Jennifer is responsible for delivering full-scale Marketing Campaigns across all platforms including website, email, social media, events, and more.

By using this website you agree to our updated Conditions of Use and consent to the collection and use of your personal information as described in our updated Privacy Notice, which includes the categories of data we collect and information about your preferences and rights.