In India, the average total cost of a data breach is Rs 16.5 crore which is an increase of 18 per cent compared to 2020. Healthcare sector was worst affected in this.
Data breach costs have increased year after year.
The corona pandemic has transformed everything and the data breach cost is no exception. According to an IBM report, the cost of a data breach for companies worldwide has risen to $4.2 million per incident, the highest in 17 years. Based on real-world data breach analysis experienced by over 500 organisations, the study shows that massive operational changes during the pandemic made security incidents more expensive and difficult. The cost for these has increased by 10% as compared to last year.
While the pandemic made it mandatory for most people to switch to work-from-home situations and other cloud-based activities without going to the office, the pace of safety progress could not keep pace with this change. The result was that in the meantime, cases of data leaks of users were more visible. Meanwhile, several reports of data breach have caught our attention.
Chris McCurdy, VP and GM at IBM Security, said, “However, the cost of a data breach has reached record highs in the past year. Reports also show positive signs about the impact of modern security updates such as adoption of AI, automatic and zero trust approaches, which can help reduce these cases.”
The cost of data breach continues to rise
In India, the average total cost of a data breach is Rs 16.5 crore which is an increase of 18 per cent compared to 2020. The cost per record lost or stolen was Rs 5,900, which was about 7% higher. Compared to people in this group without this factor, the cost of the breach during work from home averaged more than $1 million. The report said that healthcare, retail and hospitality, which faced major operational challenges during the pandemic, also experienced substantial increases in data breach costs year on year. Healthcare was the worst hit, with the breach costing $9.2 million, up from $7.2 million a year ago.
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