India’s average data breach costs hit $2.18 mn in 2023, up 28% since 2020

The average cost of data breaches in India reached $2.18 million in 2023, marking a 28 per cent increase since 2020, according to the Reserve Bank of India’s (RBI) Report on Currency and Finance.

The RBI highlighted that phishing is the most prevalent form of cyberattack in India, accounting for about 22 per cent of incidents, followed by incidents involving stolen or compromised credentials at 16 per cent.

“The most common attacks in India are phishing (22 per cent), followed by stolen or compromised credentials (16 per cent),” the report said.