by The cost of data breaches in India has surged by 28% in 2022, according to a report by IBM Security. The report found that the average cost of a data breach in India is now $4.8 million.
The increase in the cost of data breaches is being driven by a number of factors, including the increasing sophistication of cyber attacks, the growing amount of personal and financial data that is being stored online, and the increasing regulatory requirements for organizations to report data breaches.
The report also found that the average time to identify and contain a data breach in India is now 256 days. This is significantly longer than the global average of 212 days.
The longer it takes to identify and contain a data breach, the more expensive it is. This is because the longer the data breach goes undetected, the more data is exposed and the more damage is done to the organization’s reputation.
The IBM Security report provides a number of recommendations for organizations to help them reduce the risk of data breaches and mitigate the costs of data breaches. These recommendations include:
- Investing in security awareness training for employees
- Implementing strong security controls, such as multi-factor authentication and data encryption
- Regularly conducting security assessments
- Having a plan in place to respond to data breaches
Here are some additional details about the story:
- The IBM Security report is based on data from over 5,200 organizations worldwide.
- The report found that the average cost of a data breach in the United States is $8.64 million.
- The report also found that the average time to identify and contain a data breach in the United States is 212 days.
Here are some quotes from IBM Security experts:
- “The increasing cost of data breaches is a wake-up call for organizations,” said Wes Miller, vice president of security research at IBM Security. “Organizations need to take steps to reduce the risk of data breaches, or they will continue to pay a high price.”
- “The longer it takes to identify and contain a data breach, the more expensive it is,” said Karthik Narayan, research director at IBM Security. “Organizations need to have a plan in place to respond to data breaches quickly and effectively.”
Overall, the IBM Security report provides a sobering reminder of the cost of data breaches. Organizations need to take steps to reduce the risk of data breaches and mitigate the costs of data breaches.”
