According to a report by RBI, the average cost of data breaches in India increased by 28 per cent to $ 2.18 million in 2023 from $ 1.70 million in 2020. However, this figure remains lower than the global average, which is $ 4.45 million.
Further, as per the report, after recognising the significant costs involved, most central banks have increased their cybersecurity budget up by 5 per cent since 2020 and the most common cyber attacks in India are phishing which contributes to about 22 per cent of the attacks followed by compromised credentials which stands at 16 per cent.
Furthermore, the report added that automotive industry is the most vulnerable with smart mobility application programming interfaces (APIs) and electric vehicle (EV) charging infrastructure being the major attack vectors. Government sector is the most vulnerable sector to cyber-attacks followed by education and power sectors with financial and informational technology sectors being the least likely to be affected by these attacks.
