In the ever-evolving landscape of cybersecurity threats, it's essential for us to stay informed and proactive in safeguarding your organization's digital assets. IBM recently released their 2023 report on data breach costs, shedding light on the current state of cyber threats and their financial impact. 

Here Are Some Key Insights from the Report: 

Healthcare and Financial Sectors: Healthcare and Financial industries continue to experience the highest costs associated with data breaches. Notably, healthcare costs are more than double those of financial institutions. This highlights the critical need for robust security measures in these sectors. 

AI and Automation: The adoption of AI and automation technologies has significantly reduced the time it takes to identify a breach, averaging 108 days less than companies not utilizing these tools. On average, it now takes 73 days to contain a breach. 

Internal Detection: Alarmingly, only 1 in 3 breaches are identified internally, meaning that external parties often discover security incidents first. This underscores the importance of proactive security measures, as outside discoveries can have detrimental effects on both our customers and the services we provide. 

Impact: Small and medium-sized businesses with under 500 employees have seen their average impact costs rise from $2.92 million to $3.32 million in 2023 compared to 2022. This emphasizes the need for those businesses to prioritize security software for proactive prevention. 

PII Breaches: Customer Personally Identifiable Information (PII) and Employee PII remain the two most common types of data breached. The average cost per record compromised is approximately $180. 

Phishing and Ransomware: Phishing attempts account for 16% of breaches, and a staggering 25% of attacks involve ransomware. Ransomware not only threatens data but also holds it hostage for a ransom. We recommend robust backup strategies and ransomware protection software to counter this growing threat. 

As we conclude our exploration into the findings of IBM's 2023 Data Breach Cost Report, we are reminded of the critical role awareness and proactive measures play in safeguarding our digital landscape. The insights from this report serve as a powerful beacon, illuminating the path toward a more secure future for businesses like yours. 

In the face of ever-increasing cybersecurity challenges, let's remain vigilant, stay informed, and stand resilient against the evolving threats that seek to compromise our digital assets. 

VGM Forbin Can Help You Keep Your Data and Information Secure 

At VGM Forbin our IT Team, we will not only navigate the complexities of the cybersecurity landscape but also emerge stronger, more informed, and better prepared to face the challenges that lie ahead.  

We can help assess your systems and make recommendations to help you stand strong. Contact us by calling us at (877) 659-5241 or let us know if you'd like to schedule a free consultation with our experts. 

Thank you for your trust, your partnership, and your dedication to a safer digital world. Here's to a future fortified by knowledge, collaboration, and unwavering resilience.