Data breaches currently cost UK organizations an average of £3.4 million, but AI can be used to significantly reduce, according to a new IBM Security Report.
This comes as IBM’s annual Cost of a Data Breach Report, which analyzed real-world data breaches from 553 global organizations between March 2022-March 2023, showed a decrease in the total average of a data breach in the UK from £3.8m in 2022 to £3.4m in 2023.
Businesses impacted by data breach
Tech businesses and financial services were the industries most impacted by data breaches in the UK, causing average losses of £5.3m and £4.9m.
However, British businesses that utilized AI and automation were able to reduce their breach costs by an average of £1.6m and contained the breach more efficiently, cutting back the average ‘breach lifecycle’ by 108 days.
Automation technology
It is important that there is also awareness about potential AI-powered threat types"
Achi Lewis, Area VP EMEA for Absolute Software, commented, “Automation technology plays a significant role in bolstering an organization’s security protections, and AI is the latest iteration of that, helping to analyze large patterns of data to help detect threats sooner."
"As AI technology evolves and continues to be adopted by businesses, it is important that there is also awareness about potential AI-powered threat types that come with its development.”
Artificial intelligence
“With that, businesses must ensure that they have sufficient recovery measures in place for when an attack occurs, not just if, as the cost of recovery can take months or even years."
"AI can play a role in cutting down the breach lifecycle, as well as the use of self-healing technology that can help repair security systems after a breach and restore devices to a state where they can prevent reinfection and remain resilient.” A third of the surveyed organizations were said to be “extensively” deploying security AI and automation, while 37 percent had admitted they were yet to embrace these technologies.
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