The Reserve Bank of India (RBI) has released its 2024 cybersecurity report, revealing that the average cost of a data breach in India has reached a staggering $2.18 million in 2023. This represents a 28% increase since 2020, significantly outpacing the global average growth rate of 15%. The rise in costs highlights the growing financial impact of cybercrime, which is projected to cost $13.82 trillion globally by 2028. The report underscores the urgency for enhanced cybersecurity measures as digital threats continue to evolve.
Phishing and stolen credentials have emerged as the predominant attack vectors in India, with phishing incidents accounting for 22% of reported cases. Stolen or compromised credentials follow closely, contributing to 16% of breaches. The Indian Computer Emergency Response Team (CERT-In) reported a dramatic rise in security incidents, from 53,117 in 2017 to 1.32 million between January and October 2023. This surge indicates a significant increase in cyber threats targeting various sectors across the country.
The RBI’s report also identifies the automotive sector as the most vulnerable to cyberattacks, particularly highlighting risks associated with smart mobility APIs and electric vehicle (EV) charging infrastructure. In contrast, the Banking, Financial Services, and Insurance (BFSI) sector, governed by strict regulatory standards, has shown comparatively better protection against cyber threats. Despite this, the increasing adoption of digital payments has led to a higher volume of complaints related to mobile banking and card fraud.
To address these growing challenges, the RBI has implemented several measures to bolster digital security. These include two-factor authentication for digital payments, enhanced customer control over card usage, and improved supervisory oversight. The report also stresses the need for continuous investment in cybersecurity to counteract emerging risks and ensure the resilience of India’s digital infrastructure. The RBI remains committed to developing a secure and robust digital ecosystem while balancing financial stability, customer protection, and fair competition.
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