Average cost of a data breach in India hits record high in FY22: IBM

0

The average cost per record of a data breach in the country was ₹6,100, up 3.3% from a year earlier

The average cost per record of a data breach in the country was ₹6,100, up 3.3% from a year earlier

The average total cost of a data breach in India hit an all-time high at ₹17.6 crore in FY 2022, a 6.6% increase from ₹16.5 crore in the year latest and up 25% from the ₹14 crore seen in 2020, IBM said on Wednesday.

The average cost per record of a data breach in the country in 2022 was ₹6,100, an increase of 3.3% from ₹5,900 in 2021 and an increase of 10.4% from 5,522 ₹ in 2020, IBM said from the findings for India of its Data Breach Report 2022, based on analysis of actual data breaches suffered by 550 companies between March 2021 and March 2022. On average, some 29,500 records were breached in the country in March 2022.

The industrial sector encountered an average violation of records worth ₹9,024; for the service sector, it was ₹7,085 while the technology sector earned ₹6,900. In the industrial sector, chemical processing, engineering and manufacturing companies were the most affected, according to the report.

The average average time to identify a breach decreased from 239 to 221 days and the average average time to contain a data breach increased only slightly from 81 to 82 days. The report also showed that organizations with less than 50% remote work adoption took 212 days as the average average time to identify a data breach and 75 days as the average average time to contain a data breach. However, organizations with over 50% remote work adoption took 266 days and 91 days, respectively.

According to the report, organizations that were in the mature stages of adopting zero trust deployment recorded ₹15.1 crore as the total cost of a data breach compared to organizations that had not started such a deployment and suffered ₹24.6 crore as costs.

“Today we have reached a point where cyber attacks are turning into market stressors, harming the economy,” Viswanath Ramaswamy, Vice President, Technology, IBM Technology Sales, IBM India and Asia, told reporters. from South. “Around 60% of global businesses raised 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.’ ‘

Share.

Comments are closed.