Cost for data breaches averaged Rs 17.6 cr in 2022, highest ever: IBM study

Industrial companies paid most for cyberattacks as 'threat magnitude' grows

Data breaches cost Indian businesses an average of Rs 17.6 crore in 2022—the highest amount ever, according to an IBM report that called cyberattacks the "biggest challenge" to industry.

The cost increased 6.6 per cent from last year when the average cost of a breach was Rs 16.5 crore. It is up 25 per cent from Rs 14 crore in 2020, said the IBM Cost of Data Breach Report 2022 on Wednesday.

“The India findings illustrate the growing magnitude of the threat over time. It’s clear, that businesses cannot evade cyberattacks,” said Viswanath Ramaswamy, vice president, technology, at IBM Technology