According to a survey done by PricewaterhouseCoopers, the average cost due to security incidents for Indian companies more than doubled from $194 in 2013 to $414 in 2014.
However, at the same time, Indian companies have reduced the average spending to $4 million in 2014 from $4.8 million in the previous year.
“It seems counter-intuitive that even though threats have become more frequent and damaging, organisations have not increased their security spending.
"We also believe that many organisations struggle to understand how much to spend on security and how to determine the return-on-investment of their security outlay,” said the report.
“In part, that’s because there is no definitive data on current security risks to help inform a security spending strategy.”
The report was prepared as PwC’s State of the Information Security Survey, 2015.
The Indian edition of the survey was based on the responses from over 350 C-suite executives including vice-presidents and directors of IT and Information Security spanning across 17 industries.
The survey found that the total number of security incidents detected just by the respondents in 2014 was over one million this year, which translates to 2,800 attacks per day, every day.
However, it said, the total incidents could be much more.
What could be more alarming is that at least one in five respondents (22 per cent) in India claimed to have experienced security breaches caused by organised crime groups, much higher than the global average of 15 per cent.
Organised crime groups
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