ANALYSIS: Data Breaches Continued Costing Companies Big in 2023

Data breaches continued their alarming upsurgein 2023, and the financial and reputational harms suffered by targeted companies remained staggering: In the healthcare sector alone there was a 239% increase in the number of large data breaches reported to the Department of Health and Human Services Office of Civil Rights over the past four years.

The volume of these incidents isn’t the only number on the rise. According to IBM’s Cost of a Data Breach Report 2023, the average cost of a data breach reached an all-time high in 2023 of $4.45 million, representing a 15.3% increase from 2020. ...