BENGALURU: The average cost of a data breach in India has gone up to Rs 11.9 crore, an increase of 8% from 2017, a joint study by PwC India and Data Security Council of India (DSCI) said. As newer technologies shape the way people and organisations stay connected leaving a trail of data in the open, cyber security breaches have become commonplace.With cyberattacks becoming more sophisticated, the average cost of a malicious insider attack rose by 15% in 2019 from last year. “Cyberattacks have evolved and increased in volume over the years. Attacks have become sophisticated in nature and types of attacks such as APT ( advanced persistent threat ), Zero Day, malwares, multi-vector attacks have become common, targeting core infrastructure such as ATM switches, payment interfaces,” Siddharth Vishwanath, leader of cyber security at PwC India, said in the report.The cyber security market in India is expected to grow from $2 billion in 2019 to $3 billion by 2022, a CAGR of 15.6% — almost one-and-ahalf times the global rate, the report said. The study estimates that the cyber security market in India will be defined by three key sectors — banking & financial services industry (BFSI), IT & ITeS, and the government.The BFSI sector, the report said, accounts for 26% of the total expenditure in the cyber security market. The sector is expected to increase its expenditure to $810 million from the existing $518 million by 2022, a CAGR of 16.1%.Innovation in payments technology using AI, blockchain, IoT and real-time payments, and rising adoption of mobile point-of-sale (POS) devices have also contributed to the growth of potential security risks. Digital payments in India are expected to increase from $65 billion in 2019 to $135 billion in 2023, a CAGR of 20%. The report said that in order to maximise returns from cyberattacks, hackers are increasingly targeting core banking systems.