Indian companies lost INR 4,596 million to data breaches caused by malicious attacks this year. System glitches cost INR 2,953 million and negligence or human error cost INR 3,301 million
Indian companies are increasingly losing money to data breaches. As per a latest research by Ponemon Institute instiuted by IBM, Indian companies lost an average of INR 97.3 million in 2016, up from INR 88.5 million in 2015. This is almostt double of an average size of breach just four years back. The per capita cost of data breach for Indian companies increased from INR 3,396 per record in 2015 to INR 3,704 in 2016.
The money lost to data breaches shall be counted as “a permanent cost” and organizations need to be prepared to deal with them and “incorporate in their data protection strategies”, suggested the Ponemon Institute.Malicioous or criminal attacks were the most common cause of a data breach. As per the report, 41% of companies experienced a data breach as a result of malicious or criminal attacks. Whereas, 35% experienced system glitches and 24% were breached because of human errors including incidents involved employee or contractor negligence.
Indian companies lost INR 4,596 million to data breaches caused by malicious attacks this year. System glitches cost INR 2,953 million and negligence or human error cost data breaches worth INR 3,301 million. Financial institutions, services, industrial and technology companies lost the most as they had a per capita cost well above the mean cost of data breaches. In comparison, public sector and research had a per capita cost significantly below the mean, as per the research.