The cybersecurity market in India, as per a report by Statista, will grow by 23 percent in 2023.
While cyberattacks are increasing in the country, awareness about how to prevent such attacks is also increasing. A report by Statista shows that from 2019 to 2021, the cyber security market reflected a Compound Annual Growth Rate (CAGR) of 40 percent.
It suggests that this year the cybersecurity market in India will grow by approximately 23 percent from 2022. The market is estimated to gross up to USD 15 billion in 2023 when compared to previous year’s USD 12 billion. A major contribution for the cyber security market comes from the advancement of Artificial Intelligence (AI) and Machine learning.
Cybersecurity market players attribute this growth to the pandemic and growth of start-ups in the country. Chethan Anand, CEO of Seconize Technologies Private Limited, says that the market growth is a result of people becoming more aware of how beneficial security services are.
“Since the pandemic, the work from home culture has been the only thing we know. As a result, companies have started to keep things on cloud so that anyone in that organization can have access to material. This brings in the need for more security,” said Chethan.
Explaining about investments and customer base he said, “It depends from company to company how much of an investment is needed. If it is a big company the investment will be way more than a small or medium size entity. The trend however is that small businesses or start-ups have realized that security services from early stages in the business are going to be of far more help than losing money in recovery of data theft or other cyber attack.”
Companies dealing with Cybersecurity services and products offer protection from attackslike data breach. Products and services like firewall, Virtual Private Network (VPN) security, proxy and antivirus are the most in demand.
Roopkishore N, deputy manager of the regional office of Agriculture Insurance Company of India, looks after the IT operations for the office. He said that investment in cyber security is one of the major aspects that banks and insurance companies ensure its customers.
“We, as an insurance company, have so many customers, therefore, we need to protect customer data first. We have proxy, firewall and antivirus all installed on our servers to offer maximum protection from any kind of data breach. However, threats in cyberspace are increasing rapidly. So even we will be increasing our investments in cyber security,” said Roopkishore.
A Report by Statista shows that India recorded the highest number of cyber attacks, almost thirty 30 percent higher than the global average. This includes both cybercrimes and social-engineering crimes like phishing. Experts in the field believe that the growing market is a result of new threats arising every day. Surveys point out that 79 percent of the companies with digital presence has experienced at least one ransomware attack, and 46 percent reported multiple attacks.
Anil Rachamalla has been active in helping people and the police in solving cyber crimes. He, as the founder of End Now Foundation, has been active in spreading awareness about cybersecurity.
“There are ransomware attacks, types of malicious software that blocks data, there is sabotage, and hostile espionage. There are so many things. It has gone beyond hacking. However, speaking of growth and importance of the cyber security market, it gives innumerable opportunities. There are plenty of jobs in this sector like you can be a consultant, penetration tester, cryptographer, security engineer or forensic engineer, etc.,” explained Anil.
Cyberattacks on companies like Toyota Kirloskar where data of 300,000 people was believed to be leaked or the case of Indian Railways where data of 30 million of its passengers was made available on the dark web has brought back the attention to the need of a robust cyber security system in India.
Businesses in the cyber security industry are keen and hopeful to see a continual growth in years to come.