In India, Average Cost Of Data Breach Is Rs 17.6 Cr: Report
Latest report by IBM says that the average cost of data breach in India is Rs 17.6 crore in 2022. The number grew by 6.6 per cent since last year when the cost was Rs 16.5 crore.
According to ‘IBM Cost of Data Breach Report 2022’, the average cost of data breach in India has increased by 25 per cent to Rs 17.6 crore from 14 crore in 2020. The report further elucidated that the country’s average per record cost of a data breach in 2022 was Rs 6,100. This is a 3.3 per cent increase from Rs 5,900 in 2021.
Average records breached in 2022 were 29,500.
During a presentation at IBM Security Command Center, Viswanath Ramaswamy, Vice President, Technology, IBM Technology Sales, IBM India and South Asia, said: “As the digital onslaught of transformation goes higher and higher, the vulnerability coefficient also goes higher. It is a straight mathematic equation. It’s been proven in this report”.
According to the report, data breaches cost (on per record basis) Rs 9,024 in Industrial sector, Rs 7,085 in Services sector and Rs 6,9000 in Technology sector. Further, top three primary initial attack vectors for data breaches are: stolen or compromised credentials (Rs 21.6 crore); Phishing (Rs 20.6 crore); Accidental data loss or lost device (Rs 19 crore).
“Breaches at organisations with mature cloud security, cost an average of Rs 160 crore, compared to Rs 19.0 crore at mid-stage organisations, Rs 19.2 crore at early-stage organisations. The cost difference between mature stage and early stage represented a 16.6 per cent savings for mature stage organisations”, the report mentioned.
The Cost of Data Breach Report says organisations that are in mature stages of adopting zero-trust deployment observed Rs 15.1 crore as the total cost of a data breach as compared to organisations who have not yet started zero-trust deployment. The latter witnessed Rs 24.6 crore as the total cost of a data breach.
Interestingly, the report highlighted that the average mean time to identify a data breach in India had decreased from 239 to 221 days in 2022. Meanwhile, the average mean time to contain a data breach had increased from 81 to 82 days.
With regards to costs incurred due to data breaches, post breach response costs outdid all other costs. During 2022, post breach response cost organisatons Rs 7.1 crore, up by 5.65 per cent from 2021.
