A recent report unveiled a staggering milestone in India's cybersecurity realm, showcasing a robust surge to $6 billion in 2023 from a compound annual growth rate (CAGR) of over 30% between 2019 and 2023.
The cybersecurity products segment alone witnessed an extraordinary leap, catapulting more than 3.5 times from $1 billion in 2019 to an impressive $3.7 billion in 2023.
Forecasts predict that India's cybersecurity market will seize 5% of the global share by 2028, as per the Data Security Council of India (DSCI) report, underlining the nation's emergence as a pivotal global cybersecurity hub.
S. Krishnan, Secretary of MeitY, emphasized India's trajectory, attributing it to the government's commitment to digitization coupled with evolving policies that have encouraged substantial cybersecurity investments.
Amidst this surge, a notable revelation emerged: approximately 90% of organizations pinpointed email as the primary pathway for cyberattacks, with 84% acknowledging phishing as their top cyber threat.
However, challenges persist. Three-quarters of surveyed organizations expressed concern over the scarcity of skilled cybersecurity professionals, highlighting a critical need for talent development.
Vinayak Godse, CEO of DSCI, hailed India's cybersecurity evolution, underscoring the heightened focus on bolstering digital defenses against evolving threats.
Notably, the Banking, Financial Services, and Insurance (BFSI) sectors along with IT/ITeS emerged as frontrunners in cybersecurity spending. This was largely fueled by stringent regulations and elevated cyber maturity.
Moreover, the report highlighted that a vast majority—97%—of organizations have invested in AI/ML technologies, while 84% have made significant strides in Cloud adoption, showcasing a concerted effort to fortify digital infrastructure against cyber threats.
(With Agency Inputs)
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