Data Breaches Could Cost Indian Companies: IBM

Indian firms might lose Rs 11 Crore to data breach in 2017, up 12.3% from 2016, a survey by tech major IBM said this week. A breach is defined as an occasion where an individual’s medical/financial record and his name are probably put at jeopardy, either in paper or electronic format.

Data Breaches Could Cost Indian Companies: IBM

Fascinatingly, the standard value of a data breach internationally is anticipated to drop by 10% in 2017 to $3.62 Million (Rs 23.35 Crore) when compared to 2016. The survey, carried out by Ponem on Institute, discovered that the standard per capita value of data breach elevated to Rs 4,210 in 2017 from Rs 3,704 in 2016.

Forty-one percent of the Indian firms claimed that they went through a data breach as a result of criminal or malicious attacks.

More 33% went through a data breach due to glitches in system, while 26% of them experienced data breaches owing to contractor or employee carelessness (human factor).

“Financial, services, technology, and industrial companies had a per capita value more than the total of Rs 4,210, while research, public sector, and transportation firms had a per-value more than the above mentioned mean,” the survey added.

The survey, in its 6th edition in 2017, studied the values earned in 13 industry sectors by 39 Indian firms.

“The survey clearly highlights the quickly modifying threat scenes via a noteworthy rise in both sophistication and number of breaches,” Kartik Shahani, Integrated Security Leader, IBM India/South Asia claimed.

He further added that protecting information on cloud is of top preference since cloud services have turned out to be the key for transformation of digital enterprise.

“Business ventures need to make sure that incident response plans are in place, healthy security practices are accepted, and regular security training is provided to all stakeholders of the firm,” he claimed.

The survey discovered the standard number of records that were breached was almost 33,167. Both direct and indirect values related to breaches of data have increased over the last year.

Well, this prediction by IBM of loss of more money due to data breaches has surely placed many IT companies in dilemma.

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