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Data breaches cost UK firms £3.4m – IBM

Data breachs IBM
Image credit: WhataWin / Shutterstock

Data breaches are costing UK companies an average of £3.4m, a decrease from the £3.8m in the total cost of dealing with a cybersecurity incident in 2022, according to a report from IBM.

The average cost may have shrunk year-on-year but it’s still a 9% rise from the average costs incurred by businesses in 2020.

IBM’s annual report found that organisations using AI in their cyber defences slashed data breach costs by an average of £1.6m.

The report noted that less than a third of the country’s businesses are actively using automation and AI in their security measures, while 37% of UK firms said they have not implemented AI and automation at all.

“With a 108-day average reduction in the breach lifecycle, security AI and automation may be the driving force needed to help defenders bridge the speed gap with attackers,” said Martin Borrett, technical director of IBM Security UK & Ireland....