Average data breach cost in India up by 8%

India suffers the second highest number of cyber attacks, and the average cost of a data breach rose by 8% to nearly Rs 12 crore in 2018-19 compared to the year before, says a report from the Data Security Council of India (DSCI).
The report says attacks like that on Pune-based Cosmos Bank (Rs 94-crore data breach) in 2018 highlight the vulnerabilities of the banking industry.
IT companies and financial institutions are top buyers of cyber insurance, said the report, adding that the premium paid for such covers vary from Rs 4.5 lakh to Rs 80 crore a year. Other buyers of such policies are companies in pharma, retail and hospitality, as also R&D and IP-based organisations.
Large IT services companies buy the highest insurance coverage, seeking cyber liability for about Rs 1,400 crore ($200 million).

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