Symantec reveals its Data Breach Study
Symantec has announced the results of the first annual Cost of a Data Breach Study among Indian organizations. The benchmark study, conducted by Ponemon Institute in partnership with Symantec, found that data breaches have serious, quantifiable consequences. The average total cost of a breach to an organization was INR53.5 million (INR5.35 crore), with malicious breaches by hackers or criminal insiders being the most expensive type at INR4,224 for one compromised record.
“The value of data has never been greater, especially with organizations rapidly adopting new technologies to provide access to business information anywhere, at any time. On the other hand, the economic impact of a data breach is immense and necessitates C-level involvement, and adequate information protection policies and practices,” Anand Naik, Managing Director – Sales, India and SAARC, Symantec.
The study revealed that, on an average, it costs Indian organizations INR2,105 for each lost or stolen record, with the average total organizational cost of a data breach being INR53.5 million (INR5.35 crore). Costs incurred in notifying customers or the victims were the smallest component – INR1.56 million (INR15.6 lakh) on an average. In addition, costs incurred by victims to detect and escalate, and redress the data breach formed a significant component of the total average cost, averaging INR16.4 million (INR1.64 crore) and INR20.9 million (INR2.09 crore), respectively.
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