The cybersecurity tools you implement can make a difference in the financial future of your business. According to the 2023 IBM Cost of a Data Breach report, organizations using security AI and automation incurred fewer data breach costs compared to businesses not using AI-based cybersecurity tools.
The report found that the more an organization uses the tools, the greater the benefits reaped. Organizations that extensively used AI and security automation saw an average cost of a data breach of $3.60 million, compared to $4.04 million for those reporting limited use of AI and security automation. Organizations that did not use AI and security automation at all experienced significantly higher breach costs at $5.36 million.
In the past, organizations that paid ransom saw savings in the cost of a beach. However, those savings are dwindling. The survey found that organizations that were the victim of a ransomware attack and didn’t pay ransom spent an average of $5.17 million compared to the $5.06 million average of organizations that did pay the required ransom. Businesses looking to reduce their costs of a breach now must look for new approaches, such as using AI and security automation.
How AI and security automation works
The technology in AI-based tools scans vast amounts of data containing information on typical activity for the organization for the day/time, current threats and behavior that indicates cybercriminal activity. The tool then uses the data to predict potential cyberattacks that are launching or in progress and notify cybersecurity professionals in near real-time. Because the majority of initial attacks begin with compromised credentials, AI-based tools can de ..
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