New Delhi, July 27 (IANS): The estimated average cost of a data breach in India hit an all-time high of Rs 17.5 crore in 2022, an increase of 6.6% from last year, according to a new study released on Wednesday.

The average cost jumped 25% from Rs 1.4 crore in 2020.

Additionally, the average cost per record of a data breach in India in 2022 reached 6,100 rupees, an increase of 3.3% from 5,900 rupees in 2021, according to the “Cost of Data Breach Report 2022 from IBM.

The top three industries by record cost were manufacturing at Rs 9,024, service sector at Rs 7,085 and technology sector at Rs 6,900.

“We have reached a point where cyberattacks are turning into market stressors, hurting the economy. Sixty percent of global companies raised prices following the data breach, contributing to inflation and impacting inadvertently the cost on customers,” said Viswanath Ramaswamy, VP Technology, IBM Technology Sales, IBM India and South Asia.

The largest share of data breach costs in 2022 was post-breach response, at Rs 7.1 crore, compared to Rs 6.7 crore in 2021.

Among the top three initial attack vectors for data breach, stolen or compromised credentials were at Rs 21.6 crore, phishing at Rs 20.6 crore and accidental data loss or loss of a device at Rs 19 crore.

The average average time to identify a data breach decreased from 239 to 221 days and the average average time to contain a data breach decreased from 81 to 82 days, the report notes.

“Additionally, we found that organizations with less than 50% remote work adoption took 212 days as the average average time to identify a data breach and 75 days as the average average time to contain a data breach,” he added.

The involvement of third parties, the occurrence of cloud migration (when the organization is in the process of migrating to the cloud), and the impact of the IoT and OT (operational technology) environment are the three factors associated with the largest increase in costs, according to the results.