Average cost of data breach in India surges 28% since 2020

The average cost of a data breach in India remains below the global average, despite a sharp increase. Global breach costs rose to $4.45 million in 2023, a 15% increase over three years. The US saw costs close to $10 million. Central banks have increased cybersecurity budgets 5% since 2020 to handle increasing cybercrime costs – expected to reach $13.82 trillion by 2028. The Reserve Bank of India emphasized the challenges of digitalisation, including cybersecurity and data privacy. It has implemented data localisation and issued guidelines to prevent the misuse of users’ data.