Average cost of data breaches in India rises to $2.18 mn in 2023

The average cost of data breaches in India stands at $2.18 million in 2023, which was up 28 percent since 2020, the Reserve Bank of India (RBI) report on Currency and Finance for 2023-24 showed.

The central bank said that the most common attacks in India are phishing, which constitutes around 22 percent. This was followed by stolen or compromised credentials (16 percent).

Globally, cybercrime costs are expected to reach $13.82 trillion by 2028, up from $8.15 trillion in 2023.

The average cost of a data breach has also risen to $ 4.45 million in 2023, a 15 percent increase over three years, the RBI said in a report.

In India, security incidents handled by the Indian Computer Emergency Response Team (CERTIn) have increased from 53,117 in 2017 to 13,20,106 during the period January-October 2023, report said.