Bengaluru, July 31 (IANS) The average cost of a data breach in India reached an all-time high of Rs 19.5 crore this year, as the local industrial sector experienced the costliest cyber attacks across sectors, a report showed on Wednesday.
The Indian industrial sector faced the highest impact from data breaches, with average cost reaching Rs 25.5 crore, followed by the technology industry at Rs 24.3 crore and the pharmaceutical sector at Rs 22.1 crore.
The cost of lost business – operational downtime, lost customers and reputation damage, among others – escalated nearly 45 per cent and notification costs jumped 19 per cent from the previous year, according to the annual report by tech major IBM.
The most common initial attack types in India were phishing and stolen or compromised credentials, accounting for 18 per cent of incidents each, followed by cloud misconfiguration (12 per cent).
Business email compromise was the costliest root cause at an average total cost of Rs 21.5 crore per breach, followed by social engineering (Rs 21.3 crore) and phishing (Rs 20.9 crore) as the next highest costs.
“Considering that India is getting ready for the rollout of the Digital Personal Data Protection (DPDP) Act 2023, businesses also need to assess the regulatory implications of such attacks and ensure end-to-end compliance,” said Viswanath Ramaswamy, Vice President, Technology, IBM India and South Asia.
Prioritising data security and safeguarding critical assets to help ensure that only the right people have access to organisational resources is essential, Ramaswamy added.
According to the report, 34 per cent of data breaches studied in India involved data stored on public clouds and 29 per cent across multiple environments (including public cloud, private cloud and on-prem).
Globally, critical infrastructure sectors – such as healthcare, financial services, industrial, technology, and energy organisations – incurred the highest breach costs across industries, the report mentioned.
–IANS
na/svn
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
