Data Breach Costs in India Hit All-Time High of ₹195 Million, IBM Report Reveals
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Average cost of data breach in India reached an all-time high of Rs 195 Million, says IBM Report | Business Insider India
The latest cost of a report has revealed a significant rise in the financial impact of data breaches in , reaching an all-time high of Rs 195 million in 2024. This marks a 39% increase since 2020 and a 9% rise from the previous year. The report highlights that 70% of breached organisations
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Average cost of data breach in India reached all-time high of Rs 195 Million: IBM Report
This marks a 39 per cent increase since 2020 and a 9 per cent rise from the previous year. The report highlights that 70 per cent of breached organisations globally reported disruption. In India, lost business -- including operational downtime, loss of customers, and reputation damage -- drove a
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Data breach average cost touches all-time high in FY24: IBM report
IBM report pointed out that the most common initial attack types in India were phishing and stolen or compromised credentials, accounting for 18% of incidents each, followed by cloud misconfiguration (12%). India's average cost of data breaches in 2023 at $2.18 million was up 28% since 2020, the
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Cost of data breach costs in India hits all-time high in FY24: IBM
IBM has released its annual Cost of a Data Breach report, which revealed that the average cost of a data breach in India has reached an all-time high of Rs. 19.5 crore ($2.35 million) during the financial year 2024. The numbers have jumped by 39% since 2020 and 9% from the previous year as data
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IBM Report: Escalating Data Breach Disruption Pushes Average Cost of a Data Breach in India to All-Time High of INR 195 Million in 2024
The cost of lost business jumped nearly 45% year-on-year, which contributed to the significant rise in overall breach costs. The local Industrial sector experienced the costliest breaches across industries. IBM (NYSE: IBM) today released its annual Cost of a Data Breach Report revealing the
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Average cost of data breach in India reached record high of Rs 19.5 crore: IBM Report - Times of India
NEW DELHI: The financial impact of data breaches in India has increased to a record high of 19.5 crore in 2024, as revealed in an IBM cost of a data breach report. This represents a 39 per cent rise since 2020 and a 9 per cent increase from the previous year. The report further indicates that 70
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Cost of a data breach up at ₹19.5 crore, up by 39% since 2020
The cost of a data breach has gone up sharply since the pandemic. A new report by IBM claims that the average cost of such breaches has gone up to ₹19.50 crore, up by 39 per cent since 2020 and 9 per cent over the last year's number. The 2024 Cost of a Data Breach Report also threw light on the
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IBM's latest report shows that the average cost of a data breach in India has reached a record ₹195 million in 2024. The study highlights the growing financial impact of cybersecurity incidents on Indian businesses.
Record-Breaking Data Breach Costs in India
According to IBM's latest Cost of a Data Breach Report, the average cost of a data breach in India has soared to an all-time high of ₹195 million (approximately $2.35 million) in 2024
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. This marks a significant increase from the previous year, underscoring the growing financial impact of cybersecurity incidents on Indian businesses.Key Findings from the IBM Report
The study, which analyzed 553 organizations across 16 countries and 17 industries, revealed several crucial insights:
- Detection and escalation costs in India rose by 44% since 2020, reaching ₹85 million
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. - The average time to identify and contain a data breach in India was 327 days, surpassing the global average of 204 days
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. - Artificial Intelligence (AI) and automation in security response played a crucial role in cost mitigation, with organizations employing these technologies saving an average of ₹103 million compared to those without such measures
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Factors Contributing to Increased Costs
Several factors have contributed to the escalating costs of data breaches in India:
- Regulatory compliance: The implementation of data protection regulations has led to increased compliance costs for organizations
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. - Sophisticated cyber threats: The evolving landscape of cyber attacks has necessitated more advanced and costly security measures
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. - Remote work challenges: The shift to remote work has expanded the attack surface, making organizations more vulnerable to breaches
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Impact on Different Sectors
The report highlighted that certain industries in India were more severely affected by data breaches:
- Financial services sector faced the highest average cost at ₹231 million per breach
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. - Industrial sector saw a significant increase in breach costs, rising by 53% since 2020
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Recommendations for Mitigation
IBM's report offers several recommendations for organizations to mitigate the risk and impact of data breaches:
- Implement AI and automation in security processes to reduce response times and costs
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. - Adopt a zero-trust security model to enhance overall cybersecurity posture
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. - Invest in employee training and awareness programs to reduce human error-related breaches
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References
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