Page 12 - DATA BREACH EDITION - SNS INDIA

Today's hybrid work culture demands that data be

present everywhere and can be accessed from anywhere
using any device. Hence, businesses are prioritizing data

protection residing anywhere and everywhere. A

vulnerability, whether it is minor or major can be
devastating for a business of any size to endure. Any

misconfiguration, unpatched systems, distracted

employees, unexpected human error, security loophole

left unattended, etc., can lead to Data Breaches.

Data breaches are a global phenomenon. Cybercriminals

launched Cyberattacks on Indian firms of all sizes and in

all industries.

India witnessed 13.91 Lakhs attacks in 2022, as per the
government ( CERT-IN). However, these are only the

reported incidents and documented attacks. The actual

figures are undoubtedly much higher.

According to the IBM Cost of Data Breach report 2022, the

average per-record cost of a data breach in India was 3.3%
higher than in 2021. The average Data Breach cost in India

spiked from INR 16.5 Crores in 2021 to INR 17.6 Crores in

2022. This was up by about 6.6% when compared to INR 14
Crores in 2020.

As on-premises customers began migrating to the cloud,
37% of Indian companies suffered from cloud data

breaches, as per the TCSR report in 2022.

Let's dig deeper into some of the industry verticals and

take note of a few prominent data breaches.

March 2023