The report takes into account hundreds of cost factors involved in data breach incidents, from legal, regulatory, and technical activities to loss of brand equity, customers, and employee productivity.
Security incidents became more costly and harder to contain due to drastic operational shifts during the pandemic with the cost of data breaches to Indian organisations rising close to 18 percent to Rs 16.5 crore on an average between May 2020 and March 2021, according to a report by IBM.
The study pointed towards similar trends in other parts of the world with data breaches costing surveyed companies USD 4.24 million per incident on an average the highest in the report's 17-year history.
"Based on in-depth analysis of real-world data breaches experienced by over 500 organisations, the study suggests that security incidents became more costly and harder to contain due to drastic operational shifts during the pandemic, with costs rising 10 percent compared to the prior year," it added.
The India data showed that Rs 16.5 million was the average total cost of data breach in the 2021 study (May 2020 to March 2021). Last year's edition of the report had said data breaches cost organisations in India about Rs 14 crore on an average between August 2019 and April 2020.
The 2021 Cost of a Data Breach Report from IBM Security and Ponemon Institute is based on an in-depth analysis of real-world data breaches of 100,000 records or less, experienced by over 500 organisations globally.
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