India’s average data breach cost topped $2 million in 2023: Cenbank report

The industry-wise distribution of cyber attacks shows that the automotive industry is the most vulnerable to such incidents, the report said.

By: Reuters

Mumbai | Updated: July 29, 2024 10:57 PM IST

2 min read

data breach cost India, Reserve Bank of India report, RBI currency and finance report,

The industry-wise distribution of cyber attacks shows that the automotive industry is the most vulnerable to such incidents, the report said. (Representational Image)

The average cost of a data breach in India jumped 28% between 2020 and 2023 to little more than $2 million, according to the Reserve Bank of India’s (RBI) report on currency and finance released on Monday.

The report did not specify what the cost comprises of or who it is borne by.

The industry-wise distribution of cyber attacks shows that the automotive industry is the most vulnerable to such incidents, the report said.

The banking and financial services sector, governed by well-defined regulations, is relatively protected from such attacks, the report said.

Phishing attacks are the most common, with a 22% share, followed by 16% for stolen or compromised credentials, the central bank’s report noted.

The rise in attacks comes as India has seen significant growth in the digital economy, which currently accounts for about 10% of the country’s gross domestic product (GDP) and is expected to double to 20% by 2026, the report said.

India leads the world in real-time payments, accounting for 48.5% of the global market, according to the report.

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Domestic digital payments have recorded a compound annual growth rate (CAGR) of 50% and 10% in volume and value terms, respectively, since financial year 2017-2018.

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