IBM Reports Rising Data Breach Costs: Safeguarding Your Business in 2023

by | Sep 20, 2023 | Business

According to IBM’s annual Cost of a Data Breach report, the average cost of a data breach has surged to a staggering $4.45 million per incident in 2023. This marks a 2.3% increase from the previous year and a significant 15.3% rise from the 2020 average cost of $3.86 million. The numbers are clear: data breaches are not only becoming more prevalent but also more expensive.

Key Findings from the IBM Report

Type of Data Breached

In 2023, an alarming 52% of all breaches involved the compromise of customer and employee personally identifiable information.

Detection and Escalation Costs

Organizations are grappling with prolonged detection and response times, with an average of 277 days required to return to normal service. The associated costs for detection and escalation have surged by 9.7% to reach a substantial $1.58 million.

Geographical Impact

The United States bears the brunt of data breach expenses, with the highest average cost globally, a staggering $9.48 million.

Cloud Data

An alarming 82% of breaches implicated data stored in public, private, or hybrid cloud environments, with penalties soaring as high as $4.75 million.

Trickle-Down Costs

The aftermath of data breaches extends beyond direct expenses. A significant majority of organizations (57%) raised their prices following a data breach, impacting their customers.

How to Avoid A Costly Data Breach

To ensure that your company’s confidential information remains inaccessible to unauthorized parties, it’s imperative to partner with a certified electronics data destruction firm. That’s where CLR Solutions comes in.

With our expertise and commitment to data protection, you can confidently navigate the ever-evolving landscape of data management and disposal. 

Data Destruction Services

CLR Solutions is a trusted data destruction and ITAD services company renowned for its comprehensive approach to security and IT asset destruction. Our mission is simple yet critical: to protect your company’s sensitive data, no matter what. We achieve this through a combination of cutting-edge data destruction techniques, including shredding, degaussing, and secure wiping, guaranteeing that your confidential data remains safe and secure, especially when disposing of used electronics.

Contact CLR Solutions today, and let us ensure that your sensitive data remains confidential, safeguarding your business and your reputation.

About The Author

Chris Regan

Chris Regan

Founder of CLR Solutions LLC, a specialized electronics recycling/refurbishing and data security services firm which offers clients secure data destruction, equipment investment recovery solutions, electronic disposal, and recycling services. Over 15 years industry experience in various leadership and management roles. A drive and determination necessary to make any project successful.