Average data breach cost touched Rs 17.9 crore in 2023

“With cyberattacks growing in India, businesses must invest in security strategies and solutions to stay resilient.

Published: 26th July 2023 07:29 AM  |   Last Updated: 26th July 2023 07:29 AM   |  A+A-

cyber, data breach, hacking, code, programming, coding

Image used for representational purpose only.

By Express News Service

BENGALURU:  Average cost of a data breach in India reached Rs 17.9 crore in 2023, and almost a 28% increase since 2020, said IBM Security in its annual Cost of a Data Breach Report released on Tuesday.
It said detection and escalation costs rose 45%, the highest portion of breach costs.

At about 22%, the most common attack type in India was phishing, followed by compromised credentials (16%). Social engineering was the costliest cause of breaches at Rs 19.1 crore, followed by malicious insider threats at Rs 18.8 crore. “With cyberattacks growing in India, businesses must invest in security strategies and solutions to stay resilient.

It shows security AI and automation had the biggest impact on keeping breach costs down and cutting time off an investigation - and yet a majority of organizations in India still haven’t deployed these technologies. There is still considerable opportunity for businesses to boost detection and response speeds and help stop growing breach costs,” said Viswanath Ramaswamy, Vice President, Technology, IBM India & South Asia.

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