IBM’s annual Cost of a Data Breach Report revealed an all-time high average cost of INR 179 million in 2023, a 28% increase since 2020. Detection and escalation costs jumped 45%, indicating a shift towards more complex investigations. The report highlights the need for better security measures to mitigate data breaches.
India faces a high prevalence of phishing attacks, with social engineering being the most costly root cause, costing INR 191 million. Global businesses struggle to handle data breaches, causing more incident costs than security investments. Viswanath Ramaswamy, Vice President, Technology, IBM India & South Asia said, “It’s clear that there is still considerable opportunity for businesses to boost detection and response speeds and help stop the ongoing trend of growing breach costs.”
AI and automation significantly impact breach identification and containment in organizations. In India, companies with extensive AI and automation experienced a 153-day shorter data breach lifecycle compared to those without. These organizations saw nearly INR 95 million lower data breach costs, making them the biggest cost saver identified. However, 80% of the studied organizations have limited or no use of AI and automation.
