Average Cost of Data Breaches in India hits over USD 2 million, reveals RBI report; Phishing tops list of cyber threats

According to a report from the Reserve Bank of India (RBI) released on Monday, the average cost of a data breach in India surged by 28% from 2020 to 2023, reaching $2.18 million. The report did not detail what this cost includes or who bears it.

Phishing attacks are the most common, making up 22% of incidents, followed by 16% involving stolen or compromised credentials. The automotive industry is the most susceptible to cyber attacks, while the banking and financial services sector, due to its strong regulations, is somewhat better protected.