Between August 2019 and April 2020 in India, various organizations incurred an average loss of Rs 14 crore due to breaches of data. IBM’s report released on Wednesday stated this. The report says that out of all the attacks that have taken place or theft of data, 53 percent of them were done maliciously. At the same time, human fault has contributed to 26 percent and 21 percent of the disturbances in the system.
14 Crores on an Average Cost
According to the report: ‘The average cost in cases of a data breach in the 2020 study was Rs 14 crore. This is 9.4 percent more than the 2019 cost. Each loss or theft record cost Rs 5,522 in the 2020 study, showing a 10 percent increase over 2019. According to the report, the average time to identify data theft increased from 221 days to 230 days, and the average time to control it increased from 77 to 83 days.
Changes in the Modalities of Cybercrime
IBM India and South Asia software security leader Prashant Bhatkal said in a statement: “India is witnessing a change in the modus operandi of cybercrime. It is now being fully organized and by forming alliances that attacks are being carried out in India through social engineering, by copying or cheating. ‘ Indian companies also had to bear an additional cost of Rs 12.8 crore in 2019 due to incidences of a data breach.
Companies Aware of Cybersecurity
Bhatkal said that companies have become aware of cybersecurity and understand the importance of their solutions, but “we estimate the cost to increase by 9.4 percent in cases of data theft or breaches in the last year. With this, those who have arranged for security automation will be able to control the cases of breach by detecting them with a speed of 27 percent faster than those who do not have any security system.