IBM (NYSE: IBM) Security released its annual Cost of a Data Breach Report, showing the average cost of a data breach in India reached INR 179 million in 2023 – an all-time high for the report and almost a 28% increase since 2020. Detection and escalation costs jumped 45% over this same time frame, representing the highest portion of breach costs, and indicating a shift towards more complex breach investigations.
IBM’s 2023 report shows global businesses are divided on handling data breaches, with 95% experiencing multiple breaches. They are more likely to pass incident costs onto consumers (57%) than increase security investments (51%). AI and automation significantly impact breach identification and containment in organizations. In India, companies with extensive AI and automation experienced a shorter data breach lifecycle and lower costs by nearly INR 95 million.
However, 80% of organizations have limited or no use of these technologies. Viswanath Ramaswamy, Vice President, Technology, IBM India & South Asia said, “It’s clear that there is still considerable opportunity for businesses to boost detection and response speeds and help stop the ongoing trend of growing breach costs.”
