In a recent report - Cost of Data Breach 2022 by IBM mentioned that the average total cost of a data breach in India has reached Rs 176 million in 2022. This represents a 6.6% increase from last year, when the average cost of a breach was Rs 165 million.
The average cost has climbed 25% from Rs 140 million in the 2020 report.
The Average per record cost of a data breach hit an eleven-year high. India’s average per record cost of a data breach in 2022 was Rs 6,100, a 3.3% increase from Rs 5900 in 2021. The increase from Rs 5522 in 2020 is an increase of 10.4%.
The top three industries per record cost - Industrial Rs 9024; Services Rs 7085; Technology Sector Rs 6900.
Speaking on the findings, Viswanath Ramaswamy, Vice President, Technology, IBM Technology Sales, IBM India and South Asia said, “Today, we have reached a point where cyberattacks are evolving into market stressors, hurting the economy. 60% of global businesses have raised their prices as a result of the data breach, contributing to inflation, and inadvertently passing the cost on to customers. Hackers are exploiting these circumstances to force organizations to pay ransoms, which is further compounded by the cyber skills shortage. Essentially, this is all leading to the creation of a “cyber tax” – where businesses can pass some of the costs of a breach on to the consumer.”
Post Breach response costs surpassed other costs as the largest of four cost categories comprising the cost of a data breach, continuously for the 6th year
The top three primary initial attack vectors for data breach stolen or compromised credentials – Rs 216 millions; Phishing – Rs 206 millions; Accidental data loss or lost device – Rs 190 millions.
The average mean time to identify a data breach decreased from 239 to 221 days and the average mean time to contain a data breach increased from 81 to 82 days.
The report also says, “Further, we witnessed organizations with less than 50% remote work adoption took 212 days as the average mean time to identify a data breach and 75 days as the average mean time to contain a data breach.”
“India findings from Cost of Data Breach 2022 report illustrate the growing magnitude of the threat over time, with average data breaches costing 176 million, a 6.6% increase from 2021. It’s clear, businesses cannot evade cyberattacks. Keeping security capabilities flexible enough to match attacker agility will be the biggest challenge as the industry moves forward. To stay on top of growing cybersecurity challenges investment in zero-trust deployments, mature security practices, and AI-based platforms can help make all the difference when businesses are attacked,” added Viswanath.
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