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Cost of a data breach 2023: Financial industry impacts

The IBM Cost of a Data Breach Report 2023 reveals that data breaches cost global companies an average of $4.45 million, a 15% increase from 2020. The financial industry is hit harder, with an average loss of $5.9 million per breach. To combat this, over half of organizations are planning to invest more in cybersecurity, with the financial sector prioritizing areas such as security AI, automation, and incident response.

Source: securityintelligence.com –

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