IBM Report: Data Breaches Costed India INR 17.9 Crores On Avg, AI Proved Cost-Effective
System software firm, IBM Security has released its annual Cost of a Data Breach Report showing the alarming average cost of a data breach in India reached INR 17.9 crores in 2023 – a 28% increase since 2020. Remarkably, the companies which are internally relying on AI and automation saw a significantly less amount. The news comes a fortnight after the Union Cabinet approved the draft of Digital Personal Data Protection Bill (DPDP) Bill 2023 for the ongoing monsoon session of the Indian Parliament. The bill proposes to levy a penalty of up to Rs 250 crore (instead of initially proposed 500 crores) on organisations for each data breach. Commenting on the report, Viswanath Ramaswamy, Vice President, Technology, IBM India & South Asia, said “With cyberattacks growing in pace and cost in India, businesses must invest in modern security strategies and solutions to stay resilient. The report shows that security AI and automation had the biggest impact on keeping breach costs down and cutting time off the investigation – and yet a majority of organisations in India still haven’t deployed these technologies.” The report also states AI and automation helped cut down the speed of breach identification and containment for 4 in every 10 organisations surveyed. In the India landscape, firms with extensive use of AI and automation experienced a data breach lifecycle that was 153 days shorter (225 days versus 378 days) compared to the rest. It is important to note that 80% of studied organisations have limited (37%) or no use (43%) of AI. Last week, the Telecom Regulatory Authority of India (TRAI) has recommended a structure for regulating AI through the lens of a risk-based framework in a ‘141 paged document’. As part of the framework, the authority also has plans for an independent statutory body, Artificial Intelligence and Data Authority of India (AIDAI).
The companies which are internally relying on AI and automation saw a significantly less amount.
IBM Security has released its annual Cost of a Data Breach Report showing the alarming average cost of a data breach in India reached INR 179 million in 2023
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Tasmia is a tech journalist at AIM, looking to bring a fresh perspective to emerging technologies and trends in data science, analytics, and artificial intelligence.