Your business’s financial future may be affected by the cybersecurity tools you use. Organizations employing security AI and automation experienced lower expenses for data breaches than companies not using AI-based cybersecurity products, according to the 2023 IBM Cost of a Data Breach report.
According to the report, a business will gain larger benefits as a result of using the tools more frequently. The average cost of a data breach for organizations that heavily utilized AI and security automation was $3.60 million as opposed to $4.04 million for companies who reported only using these technologies sparingly. Organizations who used no AI or security automation had breach costs of $5.36 million, which were much higher.
In the past, businesses that paid ransom had financial reductions at the beach. These savings, though, are running out. According to the poll, businesses that were the target of a ransomware assault but refused to pay the demanded ransom paid, on average, $5.17 million as opposed to businesses that did pay the demanded extortion, which spent, on average, $5.06 million. Businesses that want to lower the expenses associated with a breach must now seek for novel solutions, such employing AI and security automation.
How AI and security automation work
The technology in AI-based products analyzes enormous volumes of data that contain details on the typical activity for the company for the day and time, present dangers, and behavior that suggests cybercriminal activity. The technology then employs the information to anticipate future intrusions that are beginning or already underway and to alert cybersecurity experts in almost real-time. AI-based solutions can identify activity patterns, such as an ISP address or time of day, that indicate illegal access because the majority of initial attacks start with compromised credentials.
The cybersecurity specialists at the company receive notifications from conventional tools for practically all unusual activities. Then, each alert must be evaluated by professionals, which detracts significantly from their primary task. For instance, approximately 3 million security events at the 2022 US Open Tennis Tournament had to be examined.
The use of AI-based security solutions decreases false positive readings by filtering out non-threatening activity. Cybersecurity experts can then focus their efforts on preventing real threats, which cuts down on both the time it takes to detect an attack and the time it takes to recover from it.
Advantages of automation and AI
The cost and time to recover are reduced and the harm is reduced when a breach is discovered earlier. In contrast to breaches discovered after 200 days, those discovered within 200 days cost an average of $4.95 million as opposed to $3.93 million.
AI-based technologies can free up your cybersecurity team to concentrate on high-level activities throughout the day when used in conjunction with automation. Automation allows AI-based technologies to now carry out many tedious and repetitive activities. Security personnel may commit more time and resources to actively safeguarding the organization and preventing data breaches because these duties are no longer on their to-do lists.
Automation-based AI techniques also aid in enhancing compliance in sectors like healthcare and finance. The technologies increase regulatory compliance and save resources while adhering to regulations since they can interpret various streams of data from various sources. Organizations that maintain compliance also reduce their risk of exorbitant fines and reputational harm.
AI and security automation solutions are more important than ever due to the rise in remote work. Data breaches are more likely to occur and to cost more when done remotely. As a result of the perimeter being removed by remote labor, organizations are now at much greater danger. Additionally, remote employment makes it more difficult to discover breaches, which drives up costs. Organizations may cut the average cost of a breach by $173,074 by utilizing AI and security automation tools.
Investing in Cybersecurity
Making investments that reduce risk and the cost of a breach through data protection solutions and AI cybersecurity solutions is more important than ever as enterprises carefully assess their budgets.
The following four critical areas for investing in cybersecurity:
Employee education.
Through staff cybersecurity training, businesses can drastically lower the cost of a breach by an average of $232,867. Training may increase employee knowledge and give advice on how to lower risk if they make a mistake, such clicking on a phishing email, as many breaches and cybersecurity attacks start with an unintentional human error.
Team for incident response (IR).
By establishing an incident response team that manages people, technology, and processes, organizations can also cut expenses. Employing an IR can help firms save $221,794 on average in breach costs.
Identity and access management.
Organizations can assess the danger of unauthorized use by analyzing people, devices, activity, surroundings, and behavior through IAM. IAM saves $180,358 off the price of a breach. Additionally, it makes it simpler to allow staff members easy access while barring illegal individuals from doing their responsibilities.
Program for data security and protection.
The cost of a breach can be considerably decreased with the correct technology. Software for data security and protection lowers typical breach costs by $170,412 on average.
Every dollar spent on a breach represents money that won’t be accessible to support future growth for the organization. Your firm may lower the risk and expense of a data breach by being proactive and making the appropriate investments in AI and security automation.
