According to an IBM Cost of Data Breach Report 2022, which calls cyberattacks the biggest challenge to the industry, data breaches have cost Indian businesses an average of ₹17.6 crore in 2022, the highest amount ever recorded.
The cost increased 6.6% from last year, when the average breach cost was Rs 16.5 crore. The IBM report said the cost was up 25% from ₹14 crore in 2020.
Industrial companies, including engineering, chemical processing, and manufacturing, paid the highest for data breaches. The average cost of each breach was about ₹9,024 this year.
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For the services industry, including legal, accounting, and consultancy, the average cost of a breach was ₹7,085, and for technology industries comprising software and hardware companies, the cost was ₹6,900.
Costs incurred after a security breach was the largest at ₹71 million for the sixth year, among four categories of lost business, notification, post-breach response, and detection and escalation. According to the report, the global average data breach cost reached an all-time high of US $4.35 million for surveyed organizations.
According to the report, keeping security capabilities flexible enough to match attacker agility will be the biggest challenge as the industry moves forward. To stay on top of growing cybersecurity challenges, investment in mature security practices, zero-trust deployments, and AI-based platforms can help, the report added.