Data breach cost has spiked

With the increasing number of cyberattacks in India, businesses must invest in modern security strategies and solutions to stay resilient.

Detection and escalation costs jumped 45%, representing the highest portion of breach costs, and indicating a shift towards more complex breach investigations, said a report.

There are some of the key security strategies and solutions that businesses can adopt:

· Implement a layered security approach: This means using a combination of different security measures, such as firewalls, intrusion detection systems, and antivirus software.

· Keep software up-to-date: Software updates often include security patches that can help to protect against known vulnerabilities.

· Train employees on cybersecurity best practices: Employees should be aware of the risks of cyberattacks and how to protect themselves.

· Have a disaster recovery plan in place: This plan should outline how the business will recover if it is attacked.

· Use a managed security service provider (MSSP): An MSSP can provide businesses with 24/7 monitoring and security expertise.

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.

The report by IBM Security shows that security AI and automation can help to significantly reduce the cost of data breaches. However, the report also shows that a majority of organizations in India have not yet deployed these technologies.

There are a few reasons why businesses may be hesitant to adopt security AI and automation. One reason is that these technologies can be expensive to implement. Another reason is that businesses may not have the expertise to manage these technologies. However, the benefits of security AI and automation far outweigh the costs.

Going forward, the cost of data breaches is only going to continue to grow in the future. Businesses that want to protect themselves from these costs need to start investing in security AI and automation.

security AI and automation can be a valuable tool for businesses that want to reduce the cost of data breaches. By investing in these technologies, businesses can improve their security posture and protect themselves from the increasing threat of cyberattacks.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA