Data breach costs in India skyrocket to $2.18m, RBI reports
The Reserve Bank of India (RBI) has reported a significant surge in the average cost of data breaches in the country, reaching $2.18 million in 2023. This marks a substantial increase of 28% since 2020, according to the central bank's report on Currency and Finance for 2023-24. The most common cyber attacks were phishing, accounting for approximately 22% of all incidents, closely followed by stolen or compromised credentials at around 16%.
Global cybercrime costs projected to reach $13.82 trillion by 2028
The RBI report also underscored a worldwide escalation in cybercrime costs, projected to rise from $8.15 trillion in 2023 to an estimated $13.82 trillion by 2028. The average cost of a data breach globally has also climbed to $4.45 million in 2023, indicating a three-year increase of 15%. In response to these mounting costs, the RBI report stated that "most central banks have increased their cybersecurity investment budgets by 5% since 2020."
Security incidents surge to over 1.32 million in 2023
The Indian Computer Emergency Response Team (CERTIn) has seen a dramatic rise in the number of security incidents, from 53,117 cases in 2017 to over 1.32 million during the period from January to October 2023. Unauthorized network scanning, probing, and vulnerable services accounted for more than 80% of all security incidents in India, as per the RBI's findings. The report also provided an industry-wise breakdown of cyber attacks across various sectors.
Indian automotive industry most vulnerable to cyber attacks
The RBI revealed that the automotive industry is most susceptible to cybercrimes in India. Major attack vectors include smart mobility application programming interfaces (APIs) and electric vehicle (EV) charging infrastructure. Conversely, the Banking, Financial Services and Insurance (BFSI) sector appears relatively safeguarded from such attacks due to well-defined regulations, indicating a disparity in cybersecurity measures across different industries.
