The Average Cost Of Data Breaches In India Is $2.18 Million: RBI Report

According to the Reserve Bank of India’s (RBI) Currency and Finance report for 2023–24, the average cost of data breaches in India rose to $2.18 million in 2023, marking a 28% increase since the year 2020.

Despite this increase, India’s average data breach cost remains below the global average. The report highlights that the most common cyberattacks in India are phishing (22%) and stolen or compromised credentials (16%).

The automotive industry is particularly susceptible to cyberattacks, whereas the banking and financial services sector (BFSI) enjoys stronger protection due to stringent regulations.

The automotive industry in India is the most susceptible to cyberattacks, with smart mobility application programming interfaces (APIs) and electric vehicle (EV) charging infrastructure being major attack vectors. In contrast, the BFSI sector, governed by well-defined regulations, is relatively protected, the report states.

Domestic digital payments in India have grown at an annual rate of 50% in volume and 10% in value since the financial year 2017–2018.

In India, the average cost of data breaches stood at $2.18 million in 2023, a 28% increase since 2020, although still lower than the global average.

Globally, the cost of cybercrime is projected to reach $13.82 trillion by 2028, up from $8.15 trillion in 2023.