Average cost of data breach in India has hit all-time high this year, ‘warns’ IBM report

The average cost of a data breach in India is reportedly at an “all-time high”. According to the IBM Security report the average cost of a data breach in the country has reached Rs 17.9 crore in 2023. The report also notes that the cost increased almost by 28% since 2020. As per the report, the most common type of attack in India was phishing (nearly 22%) which was followed by stolen or compromised credentials (16%). The report also mentioned that social engineering was the most expensive root cause of breaches at Rs 19.1 crore, which was followed by malicious insider threats, which amounted to nearly Rs 18.8 crore. Meanwhile, the costs for detection and escalation also went up by 45% since 2020.