Risk of data breaches, cyber frauds up due to digitisation: RBI report

The average cost of data breaches in India stand at $2.18 million in 2023, up 28% since 2020 though less than the global average cost of $4.5 million, RBI’s annual report on currency and finance which was themed around digitalisation said.

The report citing German data and statistics platform Statista said globally, cybercrime costs are expected to reach $13.82 trillion by 2028, up from $8.15 trillion in 2023. “The average cost of a data breach has also risen to $4.45 million in 2023, a 15% increase over three years (IBM, 2023). Recognising the significant costs involved, most central banks have increased their cyber security investment budgets by 5% since 2020. The most common attacks in India are phishing (22%), followed by stolen or compromised credentials (16%),” the report said.