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‘Single data breach costs nearly Rs 12 crore in India’

Bengaluru, July 11: The estimated average cost of a data breach in India went up to Rs 11.9 crore in 2017 — a nearly eight per cent increase from 2016, an IBM study revealed on Wednesday.

Malicious or criminal attacks were the root cause for 42 per cent of data breaches, according to the 2018 edition of the “Cost of a Data Breach” study conducted by US-based Ponemon Institute on behalf of IBM Security. An estimated per capita cost per lost or stolen records reported last year was Rs 4,552 — a 7.8 per cent increase from the previous report. “The threat scenario shows a significant rise in both number and sophistication of breaches in this year’s report, which is alarming as it continues to rise in India,” Vikas Arora, Chief Transformation Officer, IBM India/South Asia, said in a statement.

Based on in-depth interviews with nearly 500 companies globally that experienced a data breach, the study analysed hundreds of cost factors surrounding a breach, from technical investigations and recovery, to notifications, legal and regulatory activities, and cost of lost business and reputation.

The global average cost of a data breach is up 6.4 per cent over the previous year to $3.86 million, the report said. The average cost for each lost or stolen record containing sensitive and confidential information also increased by 4.8 per cent year over year to $148, the findings showed. (IANS)

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