Costs of UK Data Breaches
The 2023 annual Costs of UK Data Breaches Report by IBM Security highlights that data breaches in the UK are costing organisations an average of £3.4 million. The report underscores the significant role of artificial intelligence (AI) and automation in reducing these costs. It is found that the integration of AI and automation within security systems not only shortens the breach lifecycle by approximately 108 days but also leads to a saving of £1.6 million compared to entities lacking these advancements. Despite these benefits, only 28% of UK organisations have fully embraced these technologies.
The 2023 report shows a slight dip in the total average cost of data breaches in the UK, down from £3.8 million in 2022. However, these costs have risen by 9% since 2020. This year’s study, involving 553 global organisations, was conducted by the Ponemon Institute and sponsored by IBM Security.
In the UK, the financial services, services, and technology sectors are the most impacted by data breaches, with the highest costs incurred. The leading cause of breaches is identified as stolen or compromised credentials, with malicious insiders proving to be the most expensive threat.
On a global scale, the average cost of data breaches has reached a new peak of approximately £3.68 million. Despite the frequency of breaches, less than half of the surveyed entities are planning to increase their security investments. The report also highlights the effectiveness of involving law enforcement in ransomware cases and the importance of internal detection systems, such as dark web monitoring, as breaches identified by attackers tend to be more costly.
Gareth Dalton, Managing Director of Techn22, emphasises the crucial role of proactive security measures, stating, “The landscape of cyber threats is constantly evolving, and it’s vital for businesses to stay ahead of these challenges. Implementing dark web monitoring is not just a precaution but a necessity in identifying and mitigating risks that traditional security measures might miss.”
Techn22 provides iSupport and comprehensive cyber security solutions, including dark web monitoring. By partnering with Techn22, businesses can enhance their defence mechanisms against evolving cyber threats and effectively manage the risks associated with data breaches, navigating the complexities of cybersecurity and safeguarding their digital assets more effectively.
Techn22’s Dark Web Monitoring service is now available to businesses and individuals. For more information on how to secure your data with Techn22’s advanced solution, and for more about the various iSupport and iSolutions services provided by Techn22, visit the website or contact the team on tel.
0208 152 4000 or via email at cyber@techn22.co.uk.
The full 2023 Cost of a Data Breach Report can be accessed on IBM’s website here: https://www.ibm.com/reports/data-breach
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