Cost of data breach in ASEAN, PH reaches all-time high: IBM

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<p>MANILA -- The average cost of a data breach in the Philippines and the ASEAN has hit a new record high of $3.05 million, IBM Security said on Wednesday. </p><p>IBM said this is a 6 percent uptick from last year&#x27;s figures--and an all-time high for their annual Cost of a Data Breach Report.</p><p>Detection and escalation costs jumped 15 percent over the same period indicating a shift towards more complex breach investigations.</p><p>The report also noted that breached organizations were more likely to pass incident costs onto consumers (57 percent) than to increase security investments (51 percent). </p><p>Globally, only one-third of studied breaches were detected by an organization’s own security team, compared to 27 percent that were disclosed by their attacker, IBM said.</p><p>Financial services and energy companies saw the highest breach costs, the report noted.</p><p>The study also found that organizations with extensive use of artificial intelligence and automation cut breach life cycles by 99 days, and reduced data breach costs by nearly $1.25 million.</p><p>In ASEAN and the Philippines, nearly 38 percent of data breaches studied resulted in the loss of data across multiple environments including public cloud, private cloud, and on-premises, which shows that —showing that attackers were able to compromise multiple environments while avoiding detection. </p><p>The data breach report is based on an analysis of data breaches experienced by 553 organizations globally. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/04/20/23/over-12m-records-from-ph-agencies-leaked-firm-says">Over 1.2M records from NBI, PNP, other agencies leaked, firm says</a></li>	<li><a href="https://news.abs-cbn.com/news/11/24/22/npc-says-philippines-spared-from-airasia-data-breach">NPC says Philippines spared from AirAsia massive data breach</a></li></ul><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2614910" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The average cost of a data breach in the Philippines and the ASEAN has hit a new record high.

Cost of data breach in ASEAN, PH reaches all-time high: IBM | ABS-CBN

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Cost of data breach in ASEAN, PH reaches all-time high: IBM

Cost of data breach in ASEAN, PH reaches all-time high: IBM

ABS-CBN News

Published Aug 02, 2023 06:04 PM PHT

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Updated Aug 02, 2023 06:31 PM PHT

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