India's average data breach costs hit $2.18 mn in 2023, up 28% since 2020

In 2023, India's average cost of a data breach rose to $2.18 million, marking a 28% increase from 2020. This surge reflects growing cybersecurity threats and the rising expenses related to breach detection, response, and compensation. Organizations are facing higher costs due to more complex cyberattacks and stricter regulations. The study highlights the need for improved data protection strategies and incident response plans to mitigate these escalating financial impacts.