The Rising Tide of Cybercrime: Key Insights from the IBM 2023 Cost of a Data Breach Report
Year over year the total cost of a breach is increasing.
IBM's 2023 Cost of a Data Breach Report reveals an unsettling trend: cyberattacks are getting more expensive year after year. The average total cost of a data breach now stands at a record-breaking $4.35 million, up 2.3% from 2022. This shows no sign of slowing down as hackers become more sophisticated and regulations get stricter.
At Foresight MSP, we empower clients to get ahead of cyber threats by taking a proactive, strategic approach to IT security. When you partner with us, you gain a dedicated advisor focused on helping your organization avoid costly breaches.
As a trusted IT partner for SMBs, we closely analyze reports like IBM's to identify the latest security best practices. Here are our key takeaways from the 2023 report that can inform your strategy:
Speed Makes a Major Financial Difference
The report revealed that breaches contained within 200 days cost companies nearly $1 million less on average than those going over 200 days. The ability to rapidly detect and respond to incidents is one of the top factors in minimizing breach costs.
At Foresight MSP, we utilize advanced threat detection tools and AI capabilities across our security stack to accelerate identification and containment times. We also develop incident response playbooks and run simulated breach scenarios to prepare clients for rapid response.
AI and Automation Significantly Boost Efficiency
Companies that extensively used AI and automation within their security operations resolved breaches over 100 days faster than those without these technologies in place. They saved almost $2 million on average in the process.
We leverage AI and automation across multiple security tools to increase the accuracy and speed of threat detection, investigation, and mitigation. This enables our clients to respond smarter and faster.
Know Your Unique Risk Profile and Vulnerabilities
The report found that companies relying solely on basic vulnerability scan reports to prioritize patching spent 18% more on breaches than those doing additional risk analysis. You need to know where real weaknesses lie in your environment.
Our team takes an attacker’s perspective, probing for vulnerabilities and reporting not just on issues, but on their exploitability and potential business impact. This allows clients to focus on fixing true risks.
Practice Breach Response for Faster Containment
Companies with extensive incident response testing contained breaches 54 days faster on average than those with minimal testing, saving over $1.4 million. Preparation is power when responding to real threats.
We can assist in developing IR playbooks tailored to each client’s environment and perform simulated breach scenarios to prepare our clients to respond effectively in the event of an attack.
Partner with a Trusted IT Advisor for Enhanced Security
Working with a managed IT services provider (MSP) like Foresight MSP is one of the most impactful steps an organization can take to bolster its security posture. As your outsourced IT department, we optimize your protections and provide guidance to avoid breaches.
The stakes for cybersecurity continue to rise. Get strategic guidance tailored to your unique business by partnering with Foresight MSP. Contact us today to start the conversation and learn how we can help you see IT differently.