Cost & impact of Data breachs

Cyberattacks are growing in pace and cost in India, and businesses must invest in modern security strategies and solutions to stay resilient.

The average cost of a data breach in India reached Rs 17.9 crore in 2023, and almost a 28% increase since 2020, said IBM Security in its annual Cost of a Data Breach Report. It said detection and escalation costs rose 45%, the highest portion of breach costs.

At about 22%, the most common attack type in India was phishing, followed by compromised credentials. Social engineering was the costliest cause of breaches at Rs 19.1 crore, followed by malicious insider threats at Rs 18.8 crore. “With cyberattacks growing in India, businesses must invest in security strategies and solutions to stay resilient.

The use of security AI and automation can significantly reduce the cost and impact of data breaches. However, a majority of organizations in India have not yet deployed these technologies. This is a missed opportunity, as security AI and automation can help businesses to:

· Detect breaches more quickly: Security AI can be used to analyze large amounts of data for suspicious activity. This can help businesses to detect breaches more quickly, which can reduce the amount of data that is lost or compromised.

· Respond to breaches more effectively: Security AI can also be used to automate the response to breaches. This can help businesses to respond to breaches more quickly and effectively, which can reduce the overall cost of the breach.

· Improve compliance: Security AI can be used to help businesses to comply with data protection regulations. This can help businesses to avoid costly fines and penalties.

It shows, security AI and automation had the biggest impact on keeping breach costs down and cutting time off an investigation - and yet a majority of organizations in India still haven’t deployed these technologies.

Despite the challenges, there is still considerable opportunity for businesses in India to boost detection and response speeds and help stop growing breach costs by deploying security AI and automation. By doing so, businesses can protect their data and their reputation, and they can also save money in the long run.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA