The average cost of a data breach has also risen to $4.45 million in 2023, a 15% increase over three years.
According to the Reserve Bank of India’s annual report on currency and finance, which had a digitalization theme, the average cost of data breaches in India in 2023 was $2.18 million, an increase of 28% from 2020 but less than the global average of $4.5 million.
According to a survey that used data and figures from the German platform Statista, the cost of cybercrime is predicted to increase from $8.15 trillion in 2023 to $13.82 trillion globally by 2028. “The average cost of a data breach has also risen to $4.45 million in 2023, a 15% increase over three years (IBM, 2023). Recognizing the significant costs involved, most central banks have increased their cyber security investment budgets by 5% since 2020. The most common attacks in India are phishing (22%), followed by stolen or compromised credentials (16%),” the report said.
The automotive sector is the most vulnerable, according to an industry-by-industry breakdown of cyberattacks in India, with smart mobility application programming interfaces (APIs) and electric vehicle (EV) charging infrastructure emerging as key attack vectors. According to the survey, the other three industries most susceptible to cyberattacks include the government, education, and electricity sectors. According to the survey, the information technology and banking and finance industries are the least vulnerable to cyberattacks.
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