IBM Security has published its 2019 'Cost of a Data Breach' report, which detailed how much do data breaches and lapses in cybersecurity ends up costing organisations across the world. The report highlights some highly pertinent areas, and with an increasing amount of emphasis on data breaches targeted towards India of late, it is unsurprising to see Indian companies being quite seriously affected in terms of the financial losses they have to bear.
From an India-centric perspective, while the total cost of a data breach to a company is roughly Rs 27 crore across the world, the same cost stands at about Rs 12.8 crore for companies in India. However, despite the lower average overall cost of a single data breach, the size of an average data breach in India is nearly 40 percent larger than the global average -- while about 25,500 records are compromised in a single breach globally, nearly 35,600 records are sacrificied per breach in India.
The time span taken by Indian companies to identify a data breach is somewhat similar to their global compatriots, taking up to 298 days, as against the global average of 279 days. The cost factor, however, is about half of what other companies outside India incur -- as against the global average of losing Rs 10,000 for every lost official data, the same amounts to Rs 5,000 in India. All of these factors have combined to rank India at 15th in terms of total cost of data breaches.
According to IBM Security, the average time taken by an Indian company to contain a data breach has largely remained constant since last year, while the time taken to identify a breach has gone up. It now takes about 77 days for a company to identify a breach, which is long enough for malicious attackers to misuse procured data. Industrial and pharmaceutical sectors are the most prone to these breaches in India.
IBM India's security software leader, Vaidyanathan Iyer, stated that the cybercrimes targeted towards India have evolved in sophistication, and are now much more organised. He laid the emphasis on cognitive security in order to bring down the rising scale of threats, stating, "In the digital era, cognitive security can provide both speed and scale for organizations to go about their digital transformation journey with minimal business disruptions. Cognitive security is designed to augment human intelligence and aid security professionals. The technology learns with each interaction to proactively detect, analyze and provide actionable insights into threats."
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