Traction Attraction Cyber Security Companies in India – Vishal Shah
On the contrary, seeing the bright side, it has also paved the way for entrepreneurs to foray into the cybersecurity field and come up with companies that could solve this problem at the macro level.
We are currently in an era of digitalization where new age technologies surround us everywhere. Both our lives and our work have been simplified; cyber threats have increased dramatically. These growing cases have made us question the security of data in the country. On the contrary, on the bright side, it has also paved the way for entrepreneurs to foray into the cybersecurity space and come up with businesses that could solve this problem at the macro level.
Growing cyberattacks paving the way for companies’ need for cybersecurity
According to reports from a global company, India witnessed over 18 million cyberattacks and threats in the first quarter of 2022. This equates to around 200,000 threats per day in the first three months of 2022 Deepfakes and cryptocurrency-related scams were the most prominent. form of cyberattacks. In fact, the attackers even used several tactics to further use deepfakes in creating propaganda related to the ongoing Russian-Ukrainian crisis and used it as a trap to seek crypto token donations for wallets. One of the major oil refineries, airlines, online payment gateways and even technology companies have recently been victims of cyberattacks in our country in 2022. This unfortunately calls into question the future of all businesses of all sectors and security!
According to Deloitte, despite advances in technology, organizations continue to struggle with the challenge of security breaches. He further points out that even the cost of cybercrime is expected to increase. It will actually double from $3 trillion in 2015 to $10.5 trillion by 2025. Gartner predicts that if this hurdle is not overcome, 45% of organizations globally will experience attacks on their chains software supply and it will be triple that from 2021. The study further highlights that organizations that adopt a cybersecurity mesh architecture will reduce the financial implications of threats by an average of 90%!
According to We Forum, the shift to remote working during the pandemic as well as large-scale cyberattacks have further made cybersecurity the top priority for businesses. Taking all of these factors into consideration, the urgent need of the hour is a fast and agile cybersecurity function to support digital businesses globally.
The growth of the Indian cybersecurity market
The cybersecurity market in India is in its growth phase. So there is a lot of potential for the market to grow and offer promising opportunities – start-ups offering cybersecurity solutions as well as companies deploying such solutions. According to Gartner, 64% of Indian CIOs surveyed said cybersecurity was their top priority in 2022 and that they would increase spending on cybersecurity and information security-related technologies.
India boasts of having a huge base of internet users. According to Statista reports, the country will reach the base of 932 million internet users by the end of 2022. According to this statistic, this large internet user base makes it one of the
the largest segments of cybersecurity. Moreover, India’s position in the global IT scenario as well as the fact that it is home to an abundance of skilled talent has further helped cybersecurity companies grow and thrive.
Indian cybersecurity companies are gaining global notoriety
With a spike in technological advancements, large volumes of customer data are collected and stored. Businesses are becoming digital first and all of these factors are contributing to the growth of cybersecurity as a vertical. India is thus developing local solutions for cybersecurity needs that will also cater to the national and global landscape. Moreover, the increase in digitization leads to an increase in the consumption of cybersecurity products. This has allowed cybersecurity companies to tap into larger markets, even those that are unexplored. It also gives India the opportunity to reach global markets.
With the Atmanirbhar Bharat and Made in India campaigns, entrepreneurship in the country is growing stronger. This, coupled with the availability of talent and technological advancements, creates an ecosystem that helps Indian cybersecurity companies thrive and become global leaders.
Even the government promotes the growth of cybersecurity and provides funds for the development of cybersecurity infrastructure. In the recent budget, the government announced that it would spend around Rs 515 million on cyber security in 2022-23. Out of this amount, an amount of Rs 215 crore will be allocated to CERT-In, the nodal agency that deals with cyber security threats. Compared to 7 years ago, this represents an increase of approximately 10 times. This initiative will further help Indian cybersecurity companies to not only grow but also easily reach global markets.
In summary !
Digital push and telecommuting are changing the way companies operate. With the increase in cyberattacks, the need for cybersecurity protection is also increasing. Businesses need to understand the seriousness of growing cyberattacks. There is also a need to put as much emphasis on cybersecurity protection. Fine-tuning the policies and decisions of India’s CERT-In Computer Emergency Response Team reporting data breaches and the like will be equally critical in dealing with these threats.
As remote work will be on the rise, companies will be looking for high quality solutions that can be deployed quickly and are available at economical prices. Therefore, the focus will be on creating innovative security solutions and applications. Processes such as cloud security, data security, endpoint monitoring, remote access as well as employee home security, risk compliance, monitoring solutions, anti-phishing and Data security will be the priority areas for cybersecurity players in the times to come.