Excerpt from Business Standard Article, Published on July 29, 2024
In 2023, the average cost of data breaches in India reached $2.18 million, reflecting a 28% increase since 2020, as reported in the Reserve Bank of India’s (RBI) Currency and Finance report for 2023-24. Despite this significant rise, India’s average data breach cost remains below the global average.
The report identifies phishing and stolen or compromised credentials as the most prevalent types of cyberattacks in India, accounting for 22% and 16% of breaches respectively. This highlights the ongoing challenges in safeguarding sensitive data against increasingly sophisticated cyber threats.
Globally, the cost of cybercrime is projected to soar to $13.82 trillion by 2028, up from $8.15 trillion in 2023. The average cost of a data breach worldwide has also risen to $4.45 million in 2023, representing a 15% increase over three years. Recognizing these significant financial impacts, most central banks have ramped up their cybersecurity investment budgets by 5% since 2020.
The RBI report underscores the pivotal role of digital technologies in driving financial inclusion and fiscal transfers in India. However, it also warns of the accompanying risks, including cybersecurity issues, data privacy concerns, and vulnerabilities linked to vendors and third parties.
As India continues to lead the global digital revolution, these findings emphasize the importance of robust cybersecurity measures to protect against data breaches and mitigate their financial repercussions. The significant rise in the cost of data breaches underscores the urgent need for enhanced security protocols and increased investment in cybersecurity infrastructure to safeguard India’s burgeoning digital economy.
To delve deeper into this topic, please read the full article on Business Standard.
