IBM's data security report reveals the impact of data breaches in retail and consumer goods.
Of the industries studied, health care was hit the hardest. The sector has an average breach cost of $11 million, which is a 53 percent increase from 2020.
IBM said according to this year’s report, businesses were somewhat split on how they plan to mitigate breaches. “The study found that while 95 percent of studied organizations have experienced more than one breach, breached organizations were more likely to pass incident costs onto consumers than to increase security investments ,” the report stated.
Other key findings of the research showed that AI and automation had a significant impact regarding the speed of data breach containment and identification. The research found that businesses “with extensive use of both AI and automation experienced a data breach life cycle that was 108 days shorter compared to studied organizations that have not deployed these technologies .”also saved money.
Another important finding from the research is that internal security teams seldom discover data breaches themselves. The report found that “only one in three studied breaches were detected by the organization’s own security teams or tools, while 27 percent of such breaches were disclosed by an attacker, and 40 percent were disclosed by a neutral third party such as law enforcement.”
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