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Last Updated : Jul 12, 2018 05:56 PM IST | Source: Moneycontrol.com

Data breaches in Indian companies lead to hidden costs, loss of business, says report

Criminal breaches or malicious attacks was the key cause for 42 percent of data breaches in India. The report estimates that companies lose $350 million for a breach of 50 million records.

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The average costs due to a data breach in Indian private companies rose to Rs 11.9 crore in 2017-18, a jump of 7.9 percent from the year before, according to an IBM security report.

The report estimated that companies lost nearly $118 million for every 50 million company records that are breached. The average per capita cost per lost or stolen record in India was Rs 4,552, a 7.8 percent rise.

Criminal breaches or malicious attacks was the key cause of 42 percent of data breaches in Indian companies.

Identifying such breaches took months. According to the report,  companies took an average of 170 to 188 days to identify a data breach.

Criminal attacks took an average of 219 days to be identified, while system glitches were spotted after 175 days and human errors after 155 days.

The average time required to keep a data breach at bay increased from 72 to 78 days. System glitches and errors took 65 days and 60 days respectively to contain.

The number of mega breaches worldwide has nearly doubled, from nine breached in 2013 to 16 such breaches in 2017.
First Published on Jul 12, 2018 05:56 pm
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