The average breach now costs $4.45 million, according to IBM, a 15 percent increase over the last three years. Those costs include any ransom paid to an attacker, plus injury to customer trust, stock price declines, intellectual property loss and more.
Only half of breached companies responded by increasing their cybersecurity efforts. Those that do not stand to pay more: Businesses that learn about breaches from attackers rather than by detecting them pay an additional $1 million in average costs, according to IBM.
“Investments in threat detection and response approaches that accelerate defenders’ speed and efficiency — such as AI and automation — are crucial to shifting this balance,” Chris McCurdy, IBM’s general manager of worldwide security services, said in the release.
Learn more about managed detection and response at biztechmag.com/detection.