American multinational information technology company IBM stated that cybersecurity is going to become a major revenue opportunity for Indian telecom operators that may offer security as a service to enterprises. Through its IT outsourcing deals, the technology giant is engaging with major telcos in India for its security-related products, IBM said in a statement.
According to industry sources, IBM is overseeing Vodafone Idea’s Internal Security Operations Center as per its recent IT outsourcing deal. Under its cybersecurity portfolio, IBM is concentrating on threat and fraud management services, IoT security monitoring, managed security, trusted digital identity, and secure authentication.
In its recent survey, IBM revealed that the average cost of a data breach in India has grown 7.29 percent to reach Rs 12.8 crore from Rs 11.9 crore last year (Rs 12.8 crore is approximately 1.8 million USD). A crore denotes 10 million. The exchange rate is currently Rs 70.94 to a dollar. According to the survey report dubbed Cost of a Data Breach 2019, the Per capita cost for a stolen record was raised to Rs 5,019 ($US 70.75), which is an increase of 9.76 percent when compared to the last year.
The survey findings, which are based on in-depth interviews with 507 companies around the world, highlighted that the root cause for 51 percent of data breaches was malicious or criminal attacks, 27 percent of breaches due to technical issues, and human error led to 22 percent of breaches in India.
“Data breaches can cause devastating financial losses and affect an organization’s reputation for years. From lost business to regulatory fines and remediation costs, data breaches have far-reaching consequences. The annual Cost of a Data Breach Report, conducted by the Ponemon Institute and sponsored by IBM Security, analyzes data breach costs reported by 507 organizations across 16 geographies and 17 industries,” IBM said in a post.
IBM stated that they’ve surveyed the cost of data breaches in different industries which suffered a data breach last year. The survey also discovered that data breaches in the U.S. are more expensive, costing USD8.19 million, then the average of the companies worldwide.