July 26, 2016 By Rahul Agarwal 2 min read

The Digital India program, launched by Prime Minister Narendra Modi, promises to transform India into a digitally empowered society and a connected, knowledge economy. The program envisages the use of information technology to deliver quality education, health and banking services to the farthest corners of the country.

The importance of cybersecurity in achieving this goal cannot be overstated. According to a recent report, cybersecurity incidents in India grew by 117 percent in 2015.

As the volume of incidents increases, Indian companies should implement efficient and robust strategies to respond to cybersecurity threats and limit the cost of a data breach.

A Growing Challenge

IBM and Ponemon Institute recently released the “2016 Cost of Data Breach Study: India,” the annual benchmark study on the cost of data breach incidents for companies based in India.

Below are the key takeaways from the report:

  • The average total cost of a breach was 9.73 crore INR. This represents a 9.5 percent increase over 2015 costs. In comparison, the global average total cost of a data breach increased by 5.4 percent.
  • The size of data breaches increased as well — the average size grew by 8.5 percent in 2016. This is much more than the global average increase of 3.2 percent.
  • The impact of data breaches varied by industry. Certain sectors, such as financial services, had higher data breach costs when compared with industries such as research and the public sector.
  • Forty-one percent of companies experienced a data breach as a result of a malicious or criminal attack, which was the most common root cause of a breach.
  • The cost of a data breach was directly related to the number of records comprised in the attack. The greater the number of records lost, the higher the cost. Data breaches that involved less than 10,000 records had an average cost of 5.96 crore INR, while breaches involving more than 50,000 records had an average cost of 16 crore INR.
  • The longer it takes to detect and contain a data breach, the more costly it becomes to resolve.

As you can see from the statistics, the cost, size and complexity of the data breaches has continued to rise, much more than the global average.

Limiting the Cost of a Data Breach

For Digital India to succeed, it is important that industries and organizations prosper. As more and more Indian organizations implement cloud, mobility and big data technologies to grow their business, it is vital that they tackle the cybersecurity challenge head-on.

Companies should implement incident response capabilities and data security strategies, such as encryption and threat sharing, to reduce the impact and cost of a data breach.

Download the 2016 Ponemon Institute Cost of Data Breach Study: India

More from Data Protection

Data security tools make data loss prevention more efficient

3 min read - As businesses navigate the complexities of modern-day cybersecurity initiatives, data loss prevention (DLP) software is the frontline defense against potential data breaches and exfiltration. DLP solutions allow organizations to detect, react to and prevent data leakage or misuse of sensitive information that can lead to catastrophic consequences. However, while DLP solutions play a critical role in cybersecurity, their effectiveness significantly improves when integrated with the right tools and infrastructure. Key limitations of DLP solutions (and how to overcome them) DLP…

Defense in depth: Layering your security coverage

2 min read - The more valuable a possession, the more steps you take to protect it. A home, for example, is protected by the lock systems on doors and windows, but the valuable or sensitive items that a criminal might steal are stored with even more security — in a locked filing cabinet or a safe. This provides layers of protection for the things you really don’t want a thief to get their hands on. You tailor each item’s protection accordingly, depending on…

What is data security posture management?

3 min read - Do you know where all your organization’s data resides across your hybrid cloud environment? Is it appropriately protected? How sure are you? 30%? 50%? It may not be enough. The Cost of a Data Breach Report 2023 revealed that 82% of breaches involved data in the cloud, and 39% of breached data was stored across multiple types of environments. If you have any doubt, your enterprise should consider acquiring a data security posture management (DSPM) solution. With the global average…

Cost of a data breach: The evolving role of law enforcement

4 min read - If someone broke into your company’s office to steal your valuable assets, your first step would be to contact law enforcement. But would your reaction be the same if someone broke into your company’s network and accessed your most valuable assets through a data breach? A decade ago, when smartphones were still relatively new and most people were still coming to understand the value of data both corporate-wide and personally, there was little incentive to report cyber crime. It was…

Topic updates

Get email updates and stay ahead of the latest threats to the security landscape, thought leadership and research.
Subscribe today