Indians Will Lose Over Rs 5,000 For Each Data Breach Of Indian Companies

Whenever a data breach happens, we tend to feel worried about our hacked important or sensitive data, as well as to consider changing account passwords.

The situation is even more severe for companies because they often spend a ton of money handling the possible consequences. Also, they need to look for how to enhance their more efficient security system.

IBM Security has recently published a report named ‘Cost of a Data Breach’ that focuses on analyzing the financial impacts companies have to face due to security lapses.

For example, it takes Indian companies about Rs 12.8 crore on average to tackle a data breach. The amount shows an increase of 7.29 percent over that of last year (Rs 11.9 crore).

In addition, the data breach rate in India is about 40% higher than that in other countries. In each of such breaches, there are about 35,600 leaked records in India and around 25,500 ones in the world.

The time to detect and handle a data breach in India (298 days on average) is also longer than that in the world (279 days on average). However, while each Indian user loses about Rs 5,019 in data breaches, each user from other countries loses about Rs 10,000.

At present, India holds the 15th position in the whole world when it comes to total data breach costs.

In terms of how data breaches take place, up to 51% of those in India originate from malicious attacks. Also, 22% are caused by human errors, and 27% by system glitches. The two sectors that are most subject to data breaches in India include pharmacy and industry.

According to the security software leader of IBM India Vaidyanathan Iyer, cybercrimes who are aiming at India tend to become more and more organized and sophisticated. He said,