While India has been quick to adopt financial technology, be it net-banking or UPI, the country’s efforts in terms of cyber-security have been lacklustre. The latest instance of card data breach—over 32 lakh debit cards were affected owing to a malware—would have one believe that the problem lies with the banking sector, but a new report released by IBM-Ponemon shows that cyber breach is field-agnostic, with companies across sectors being a target of attacks. The per capita cost of data breach was lowest in India at $61—the US and Germany spend $221 and $213, respectively, but India had the highest number of breaches in 2016 out of a sample of 383 companies across 12 countries. More important, the report states that the cost of data breach for India has increased from $51 in FY14 to $61 in FY16.
While RBI and the government have released frameworks for companies to comply with, companies also need to take an initiative and not do the best minimum, as they have till now, in terms of cyber security. Moreover, with the report pointing to low detection and escalation cost for breaches—India paid an average cost of $0.53 per breach as compared to $1.60 in Canada, the country still has a lot of room to improve cyber security.