The most common type of attack in India is phishing (nearly 22%), followed by stolen or compromised credentials (16%)
Post Date – 23rd Tuesday 25th July 10:35pm
New Delhi: The average cost of a data breach in India in 2023 will reach Rs 179 crore, according to an IBM Security report, which ranks it as an “all-time high,” an increase of almost 28 percent since 2020.
The most common type of attack in India was phishing (almost 22%), followed by stolen or compromised credentials (16%). Social engineering was the most costly root cause of data breach with a loss of Rs 191 crore, followed by malicious insider threats at almost Rs 188 crore.
Detection and escalation costs jumped 45 percent over the same time period, accounting for the highest portion of breach costs and signaling a shift to more complex breach investigations.
AI and automation help surveyed organizations quickly identify and contain breaches. Some 80% of research organizations in India use AI and automation to a limited extent (37%) or not at all (43%). “IBM Security released its annual cost of data breach report today, revealing that the average cost of a data breach in India will reach Rs 179 crore in 2023, a record high for the report and an increase of almost 28% since 2020,” said a press release.
According to a 2023 IBM report, global enterprises are divided on how they plan to deal with the increasing cost and frequency of data breaches. The report found that while 95 percent of organizations worldwide have experienced more than one data breach, these organizations are more likely to pass the cost of the incident on to consumers (57 percent) than increase their security investments (51 percent).
In India, 28% of the data breaches studied resulted in data loss across multiple types of environments (public cloud, private cloud, on-premises). This demonstrates that attackers are able to compromise multiple environments while avoiding detection. According to IBM, “When the breached data was stored in multiple environments, the associated cost of the breach was highest (Rs 188 crore) and the time to identify and contain it was longest (327 days).” AI and automation had the greatest impact on the speed at which breaches were identified and contained by research organizations.