What Is the Average Cost of a Data Breach in India? Protegent Insights
As per the findings outlined in the 2022 IBM Security Data Breach Report, India has witnessed a significant surge in the average cost of data breaches, reaching a record high of Rs. 17.6 crore (equivalent to Rs 175 million or approximately $2.2 million) during the fiscal year 2022. This escalation in data breach expenses underscores the pressing need for heightened cybersecurity measures and strategic investments to safeguard sensitive information in the evolving digital landscape.
This marks a 6.6% rise compared to the Rs. 16.5 crore figure reported last year and reflects a 25% increase from the average cost of Rs. 14 crore in 2020, according to analysts at IBM.
Moreover, the average cost of a per-record data breach in India has surged to its highest level in 11 years, standing at Rs. 6,100. This represents a 3.3% uptick from the Rs. 5,900 recorded in 2021 and a notable 10.4% increase from the Rs. 5,522 reported in 2020, as outlined in the corresponding IBM reports.
The results from IBM are derived from an empirical examination of data breaches impacting over 550 companies from March 2021 to March 2022. During this period, an average of nearly 30,000 records were compromised by March 2022.
India Ranks Second in Terms of Data Breach Incidents
In terms of average costs of data breaches and number of data breaches between Jan-Jun 2022, Surf Shark ranked India second in the world. India has secured the unenviable position of ranking second regarding data breach incidents. This alarming statistic underscores the growing threat landscape faced by organizations and individuals in the country. With the increasing digitization of various sectors, the risk of data breaches has become a critical concern. The need for robust cybersecurity measures is more evident than ever as businesses strive to protect sensitive information and maintain the trust of their stakeholders. The challenge lies in implementing proactive strategies, investing in advanced technologies, and fostering a culture of cybersecurity awareness to effectively mitigate the escalating risks associated with data breaches in India.
Introducing Fresh Directives and Guidelines
The research highlights that CERT-In (Computer Emergency Response Team) in India has issued a new cybersecurity directive, mandating VPNs (virtual private networks) to retain user data for 5 years based on know-your-customer principles.
“The recently implemented CERT-In directive urges companies to engage in extensive data collection within the Indian jurisdiction, thereby exposing users’ data to heightened risks of breaches,” notes the study.
Interestingly, the report underscores that the average time taken to identify a data breach in India decreased from 239 to 221 days in 2022, while the average duration to contain a data breach increased marginally from 81 to 82 days.
Impacted Sectors and Industry Expenses
Within India’s industrial landscape, the manufacturing, chemical, and engineering sectors bore the brunt, experiencing a historic average breach cost of Rs. 9,024.
Following closely, the services industry sector (including legal, accounting, and consultancy) ranked second, with an average cost of Rs. 7,085.
Conversely, the technology sector, encompassing software and hardware companies, reported an average breach cost of Rs. 6,900.
As per information from the Indian government, both private and public banks disclosed fraud amounting to Rs. 6,861 crore in the first quarter of 2022.
Data breach prevention and protection with Protegent
Protegent Total Security plays a pivotal role in preventing and protecting against data breaches by offering a comprehensive suite of features and functionalities designed to address the evolving cybersecurity landscape. Here’s how Protegent Total Security can contribute to robust data breach prevention and protection:
Advanced Threat Detection:
- Protegent Total Security employs advanced threat detection mechanisms to identify and neutralize potential threats in real-time.
- The software utilizes heuristic analysis and behavior-based detection to recognize suspicious activities and prevent unauthorized access.
Data Encryption:
- To safeguard sensitive information, Protegent Total Security incorporates robust data encryption protocols.
- Encryption ensures that even if unauthorized access occurs, the breached data remains unreadable and unusable.
Firewall Protection:
- The software includes a powerful firewall that acts as a barrier against unauthorized network access and potential cyberattacks.
- Firewall settings can be customized to suit specific organizational needs, providing an additional layer of defense.
Intrusion Prevention System (IPS):
- Protegent Total Security features an Intrusion Prevention System that actively monitors and blocks suspicious network activities.
- IPS helps prevent unauthorized access, reducing the risk of data breaches from external threats.
Identity and Access Management:
- Implementing robust identity and access management features, Protegent Total Security ensures that only authorized individuals have access to sensitive data.
- Multi-factor authentication and access controls enhance security, reducing the likelihood of data breaches due to compromised credentials.
Regular Security Updates:
- Protegent Total Security provides timely updates to its threat database, ensuring the software can counteract the latest cybersecurity threats.
- Regular updates enhance the software’s effectiveness in preventing new and emerging threats.
User Awareness Training:
- Recognizing the human element in cybersecurity, Protegent Total Security includes educational resources and user awareness training.
- Training modules help users understand and adhere to best practices, reducing the risk of unintentional data breaches caused by human error.
Compliance with Regulations:
- Protegent Total Security aligns with industry regulations and cybersecurity standards, ensuring that organizations remain compliant with data protection laws.
- Compliance features help organizations avoid legal ramifications and reputational damage associated with data breaches.
Incident Response and Remediation:
- In the event of a security incident, Protegent Total Security provides robust incident response and remediation capabilities.
- Quick response and remediation help minimize the impact of a potential data breach, reducing downtime and associated costs.
Secure Banking and Financial Transactions:
- For users engaged in online banking and financial transactions, Protegent Total Security ensures a secure environment.
- Protection against phishing, keylogging, and other online fraud attempts contributes to preventing financial data breaches.
Protegent Total Security is a comprehensive cybersecurity solution that combines proactive threat prevention, robust encryption, user education, and compliance measures to help organizations prevent and protect against data breaches.
