Home Latest News IBM Security Study Shows Data breach Costs at their Highest in 17 Years

IBM Security Study Shows Data breach Costs at their Highest in 17 Years

by CISOCONNECT Bureau

According to a new report, the average cost of a data breach has grown to a seventeen-year high of $4.24 million (about Rs 32 crore) in 2021. This figure is Rs 16.5 crore in India.

Ponemon Institute’s ‘The Cost Of A Data Breach Report,’ sponsored and analysed by IBM Security, was based on an analysis of real-world data breaches experienced by more than 500 organisations. Due to substantial operational shifts during the pandemic, security incidents became more costly and difficult to contain, according to the report. In comparison to the pre-pandemic period, such costs increased by 10%.

Commenting on the report, Prashant Bhatkal, Security Software Sales Leader at IBM Technology Sales India/South Asia, said “The rapid shift to remote work witnessed a tremendous disruption of security programs. Organisations were focused on getting online and security became an afterthought,”

“India witnessed record high data breach during the pandemic leading to many organisations evaluating their security posture,” he said “It is evident that along with modernisation…comes significantly decreased costs associated with data breaches.”

According to a study conducted by IBM Security,

• When remote work was mentioned as a factor, a data breach cost over $1 million more.

• Industries that underwent significant operational changes during the Covid-19 pandemic saw a significant increase in data breach costs year over year.

• Data breaches in the healthcare cost the most at $9.23 million per incident, up $2 million from the previous year. In the study report, the most common root cause of breaches was stolen user credentials.

• Customer personal data (name, email address, password, etc.) was the most prevalent type of information exposed in data breaches, accounting for 44 percent of all incidents.

•The average mean time it takes to detect a data breach has increased from 230 to 239 days, while the average time it takes to contain a data breach has reduced from 83 to 81 days.

The study stated “Further, we witnessed organisations with less than 50% remote work adoption took 208 days on an average to identify a data breach and 72 days to contain a data breach,” Companies with more than 50% remote work adoption took 271 days on average to identify a data breach and 83 days to contain a data breach.

For each data breach, Indian organisations that are in the advanced stages of embracing zero-trust deployment spend Rs 13.18 crore. For organisations that are just getting started with zero-trust deployment, that amount was Rs 19.87 crore.

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