Data breach average cost touches all-time high in FY24: IBM report

The average cost of a data breach in India reached an all-time high of Rs 19.5 crore ($2.35 million) in financial year 2024, up by around 7% over a year ago with the local industrial sector being the most impacted, revealed a report by software giant IBM.

In comparison, the global average cost of a data breach increased 10% over the previous year, reaching $4.88 million in 2024 (from $4.45 million in 2023), the biggest jump since the pandemic,” said the annual Cost of a Data Breach Report.