A new research by IBM on Tuesday said the average data breach cost in India rose 7.29 percent year-over-year to reach Rs 12.8 crore from last year’s Rs 11.9 crore.
The “Cost of a Data Breach” study said per capita cost per lost or stolen record reached Rs 5,019, representing a rise of 9.76 percent from the previous year.
The root cause of 51% of information breaches was malicious or criminal attacks, system failures contributed to 27% of breaches, and human errors resulted in 22% of breaches in India, the results showed.
“India is witnessing a major shift in the nature of cybercrimes, it is now highly organized and cooperative,” said Vaidyanathan Iyer, Security Software Leader, IBM India/South Asia.
The results are based on in-depth interviews with more than 500 businesses around the globe that have experienced a violation over the previous year.
The study also examined the cost of data breaches in various sectors and areas, discovering that data breaches in the US cost $8.19 million, or more than twice the average for the global companies included in the research.
Data infringement costs in the U.S. rose by 130% over the last 14 years of the research; up from $3.54 million in the research in 2006.
Healthcare organizations had the largest cost of a breach for the fifth year in a row-almost $6.5 million on average – over 60% more than other sectors in the research.