Mumbai: Average cost of data theft will exceed $2 million

Mumbai: The average cost of data theft in India is set to rise 28 per cent to a little over $2 million between 2020 and 2023, according to a Reserve Bank of India (RBI) report on currency and finance released on Monday. The report does not elaborate what the cost consists of or who bears it. The industry-wise distribution of cyber attacks shows that the automotive industry is the most vulnerable to such incidents, the report said. The banking and financial services sector, governed by well-defined regulations, is relatively safer from such attacks, the report said.

The central bank report said phishing attacks are the most common, accounting for 22 per cent, followed by 16 per cent for stolen or compromised credentials. The rise in attacks comes at a time when India has witnessed a significant growth in the digital economy, which currently accounts for about 10 per cent of the country’s gross domestic product (GDP) and is expected to double to 20 per cent by 2026, the report said. According to the report, India leads the world in real-time payments, accounting for 48.5 per cent of the global market. From FY 2017-2018, domestic digital payments have recorded a compound annual growth rate (CAGR) of 50 per cent and 10 per cent in terms of volume and value, respectively.