Cyber-attacks have become a regular phenomenon globally and India is no exception to it. We are experiencing new threats every day with a potential cost to the economy that cannot be fathomed. It’s not surprising that organizations are taking cybersecurity seriously, with a large portion of their budget going into implementing measures to fight cyber-attacks. Progressively, cybersecurity is becoming an important strategic issue in almost every organizations executive board room discussions. Organizations are planning to spend more on cybersecurity, devoting increasing resources to improving their defences and working harder to embed security-by-design. This also gets reflected in the cyber security market size. NASSCOM, Data Security Council of India & PwC Report, India’s cybersecurity market for products and services will grow up to $35 billion by 2025 creating 1 million + jobs in security domain with a robust ecosystem of 1000 security start-ups. This is yet another opportunity for the established IT players and start-ups to make maximum out of it.
In one recent attack, an Indian bank lost 944 million rupees (US$13.5m) after hackers installed malware on its ATM server that enabled them to make fraudulent withdrawals from cash machines.
If Indian IT players want to grow their business and the IT startups wants to establish themselves in the global market, cyber security offers them that opportunity. NASSCOM, Data Security Council of India & PwC Report also suggest that India cybersecurity market is forecasted to grow at a CAGR of over 19% during 2018-2023. Growth in the market is expected to be driven by multiple driving force including – one, rising number of government initiatives towards digitizing; two, increasing awareness of business and individuals towards cyber security; three, rapid adaptation of security initiatives in healthcare, BFSI, education and other vital sectors; four, rapid adoption of Social, Mobile, Analytics, Cloud & IoT technologies by business, government, and individuals. The projection of the exponential growth projected by NASSCOM and other consulting organizations is based on the basic facts that Indian market comes with certain competitive advantages which makes it as a preferred destination. Some of the USP’s of the Indian market are– one, preferred destination of global SoCs; two, mature security practice of Indian IT services companies; three, security services operations set up by MNCs; four, preferred destination for security R&D; five, Existing GIC (Global In-house Centre) security operation centers; six, competitive IT product ecosystem, seven, existing network of 100 + Indian security companies; eight, availability of skill sets – 150,000 + experienced security professionals; trust factor that IT industry brings in to the global IT players.
As of now, India’s cyber security landscape is passing through transformational journey and it is too early to say that the joint effort of the government, regulators and industry are showing results, but the Indian cyber security industry is doing good and projected to do wonders.