Data breaches cost an Indian business an average of 17.6 crore in the year 2022. According to an IBM report, it has been the highest amount to be recorded till date for data breach. Data breach issues are now becoming one of the most biggest challenges for businesses. The cost increased 6.6 per cent from last year when the average cost of a breach was 16.5 crore in 2020, said the IBM Cost of Data Breach Report 2022. Finding shows that there is a growth of threats in India over time. It's also said that businesses cannot fully evade cyberattacks but take some measures to minimise the impact of threats over data in the company.
Industrial companies like chemical processing, engineering and manufacturing has paid the highest for data breaches. The average cost of a breach was 9,024 rupees in 2022. The service industry like legal, accounting, and consulting came second and followed by tech companies which includes software and hardware companies. The average cost of service industry and technology companies were as 7,085 and 9,024 rupees respectively.
The average time to identify a data breach has now decreased from 239 to 221 days.
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