A recent survey from technology giant IBM revealed that the average cost of a data breach in India has grown 7.29 percent to reach Rs 12.8 crore from Rs 11.9 crore last year. According to the survey report dubbed Cost of a Data Breach 2019, the Per capita cost for a stolen record raised to Rs 5,019, which is an increase of 9.76 percent when compared to the last year.
The survey findings, which are based on in-depth interviews with 507 companies around the world, highlighted that the root cause for 51 percent of data breaches was malicious or criminal attacks, 27 percent of breaches due to technical issues, and human error led to 22 per cent of breaches in India.
“Data breaches can cause devastating financial losses and affect an organization’s reputation for years. From lost business to regulatory fines and remediation costs, data breaches have far reaching consequences. The annual Cost of a Data Breach Report, conducted by the Ponemon Institute and sponsored by IBM Security, analyzes data breach costs reported by 507 organizations across 16 geographies and 17 industries,” IBM said in a post.
IBM stated that they’ve surveyed the cost of data breaches in different industries which suffered a data breach last year. The survey also discovered that data breaches in the U.S. are more expensive, costing $8.19 million, then the average of the companies worldwide.
Security researchers have revealed that the Indian manufacturing industry is currently facing severe cybersecurity risks. According to a survey from cybersecurity firm Seqrite, the manufacturing sector in India accounted for more than 27 percent of the threats detected between January and March 2019. Seqrite, an enterprise arm of Quick Heal technologies, is a specialist provider of endpoint security, network security, enterprise mobility management, and data protection solutions.
In its research report, named Threat Report Q1 2019, Seqrite highlighted that many of the IoT devices used by manufacturers like sensors, barcode readers, quality control systems, inventory management solutions, etc. come with minimal security, giving an avenue to cybercriminals to attack and infiltrate the enterprise network.