India’s Average Data Breaches: The increase in cyber attacks coincides with the growth of India’s digital economy, which currently represents about 10% of the country’s GDP and is projected to reach 20% by 2026.
According to a report from the Reserve Bank of India (RBI) released on Monday, the average cost of a data breach in India surged by 28% from 2020 to 2023, reaching $2.18 million. The report did not detail what this cost includes or who bears it.
Phishing attacks are the most common, making up 22% of incidents, followed by 16% involving stolen or compromised credentials. The automotive industry is the most susceptible to cyber attacks, while the banking and financial services sector, due to its strong regulations, is somewhat better protected.
The increase in cyber attacks coincides with the growth of India’s digital economy, which currently represents about 10% of the country’s GDP and is projected to reach 20% by 2026. India is also a global leader in real-time payments, holding 48.5% of the worldwide market.
Since the 2017-2018 financial year, domestic digital payments have grown at an annual rate of 50% in volume and 10% in value.
Source:financialexpress.com