Vishal Shah

Co founder and CEO, Synersoft Technologies Private Limited

More From The Author >>

Traction Attraction: Cybersecurity Businesses In India

On the contrary, seeing the bright side, this has also opened up avenues for entrepreneurs to foray into the cybersecurity domain and come up with businesses that could resolve this issue at a macro level

We are currently in an era of digitization where new-age technologies surround us everywhere. As much as our lives and work have been simplified; the cyber threats have increased significantly. These rising cases have made us question the data security in the country. On the contrary, seeing the bright side, this has also opened up avenues for entrepreneurs to foray into the cybersecurity domain and come up with businesses that could resolve this issue at a macro level.

The growing cyberattacks paving the way for the need for cybersecurity businesses

As per reports by a global firm, India has witnessed over 18 million cyberattacks and threats in the first quarter of 2022. This equates to approximately 200,000 threats every day in the first three months of 2022. Deepfakes and cryptocurrency-related scams were the most prominent form of cyberattacks. In fact, attackers even used multiple tactics to further use deepfakes in creating propaganda linked to the ongoing Russia- Ukarine crisis and used this as a trap seeking donations in crypto tokens to wallets. One of the leading petroleum refineries, airline companies, online payment gateways, and even tech companies have been victims of cyberattacks recently in our country in 2022. This unfortunately puts the future of all businesses across sectors and security in question!

According to Deloitte, despite tech advancements, organizations continue to struggle with the challenge of security breaches. It further points out that even the cost of cybercrime is projected to surge. It will in fact double from $3 trillion in 2015 to $10.5trillion by 2025. Gartner predicts that if this hurdle is not overcome, 45 per cent of organizations at the global level will experience attacks on their software supply chains and this will be a three-fold increase from 2021. The study further highlights that the organizations that will adopt cybersecurity mesh architecture will reduce the financial implications of the threats by an average of 90 per cent!

As per We Forum, the shift to remote working during the pandemic along with high-profile cyberattacks have further led to cybersecurity being the top priority for businesses. Keeping all these factors into consideration, the dire need of the hour is a fast and agile cybersecurity function to support digital businesses at the global level.

The growth of the Indian cybersecurity market

The cybersecurity market in India is in its growth phase. There is thus a lot of potential for the market to grow and offer promising opportunities- start-ups offering cybersecurity solutions as well as enterprises deploying such solutions. As per Gartner, 64 per cent of Indian CIOs surveyed shared that cybersecurity is their top priority in 2022 and that they will increase their expenditure on technologies related to cyber and information security.

India boasts of a huge internet user base. As per Statista’s reports, the country will hit the 932 million internet user base by the end of 2022. Going by this statistic, this large internet user base makes it one of

the largest cybersecurity segments. Adding to it, India’s position in the global IT scenario as well as being home to skilled talent in abundance has further helped cybersecurity businesses to grow and flourish.

Indian cybersecurity businesses gaining global prominence

With a spike in technological advancements, large volumes of customer data are being collected and stored. Businesses are becoming adept with digital-first strategy and all of these factors are contributing in growing cybersecurity as a vertical. India is thus developing local solutions for cybersecurity needs that will cater to the national and global landscape as well. Furthermore, the increase in digitization is leading to an increase in the consumption of cybersecurity products. This has enabled cybersecurity companies to tap into greater markets even the unexplored ones. This is also giving India an opportunity to reach the global markets.

With the Atmanirbhar Bharat and Made in India campaigns, entrepreneurship in the country is bolstering. This coupled with the availability of talent and technological advancements is creating an ecosystem that is helping Indian cybersecurity companies thrive and emerge to be global leaders.

Even the government is promoting the growth of cybersecurity and providing funds towards the development of cybersecurity infrastructure. In the recent budget, the government announced that it would spend approximately Rs.515 crores on cybersecurity in 2022-23. Of this, Rs.215 crores amount will be allocated for CERT-In, the nodal agency that deals with cybersecurity threats. Compared to 7 years ago, this is an increase of approximately 10 times. This initiative will further help the Indian cybersecurity businesses to not only grow but also reach global markets easily.

Summing up!

Digital push and remote working are modifying the operation of businesses. With growing cyberattacks, the need for cybersecurity protection is also increasing. Enterprises need to understand the severity of the growing cyberattacks. An equal emphasis on cybersecurity protection is also needed. Refinement in policies and decisions from the Indian Computer Emergency Response Team CERT-In reporting data breaches and others will be equally essential to deal with such threats.

As remote working will be on a rise, enterprises will be seeking high-quality solutions that can be deployed quickly as well as are available at economical pricing. Hence, the focus will be to come up with innovative security solutions and apps. Processes such as cloud security, data security, endpoint monitoring, remote access as well as home security of employees, risk compliance, monitoring solutions, anti-phishing, and data security will be the focus areas of the cybersecurity players in the times to come.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house

Tags assigned to this article:

Around The World