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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 Granite Networks
Who We Are
Granite Networks was founded in 1998 on the simple premise of providing businesses with IT services and support as solid and dependable as our namesake. We built our business from one referral to the next, counting on our results to inspire our clients to recommend us to others. Since that time, we have consistently earned the trust of our clients by focusing on our clients’ businesses, our clients’ goals, and our clients’ success. Today, GN has the honor of serving clients from small service firms up to publicly traded manufacturers, from law firms to healthcare providers, and from construction firms to schools, churches, and non-profit agencies.
GN supports clients throughout the United States from our headquarters in the City of Royal Oak, Michigan. Conveniently located near several major thoroughfares, Royal Oak is a great place to live and work, with the appeal of a small town and many of the amenities of a large metropolis. GN is proud to be a long-standing member of the Royal Oak Chamber of Commerce.
What We Do
At our core, we provide technology success to our clients through our GranITe Works program. We designed GranITe Works to deliver world-class technology administration to organizations for a predictable, monthly, per-seat cost. Our broad expertise in comprehensive IT management also uniquely positions us to provide project services ranging from cloud migrations and network design to emergency virus mitigation. In short - We make IT work for you.®
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