Market Trends of India Cybersecurity Industry
Rising frequency of target-based cyber attacks
- The increasing sophistication of cyber attacks can be attributed to the market's growth. The frequency and severity of cyber scams and crimes have increased over the last decade, resulting in massive business losses nationwide. According to the Data Security Council of India (DSCI) report in 2023, 49 million behavior-based detections constituted 12.5% of the total detections in collaboration with enterprise cybersecurity solutions.
- The primary goal of targeted attacks is to infiltrate the networks of targeted companies or organizations and steal critical information. As a result of these targeted attacks, organizations' business-critical operations suffer from business disruptions, intellectual property loss, financial loss, and the loss of critical and sensitive customer information.
- In recent years, targeted attacks have surged in popularity. These attacks, while maintaining anonymity, penetrate the network infrastructure of their targets. Typically, attackers focus on endpoints, networks, on-premises devices, cloud applications, and other IT assets. Additionally, they pilfer personally identifiable information (PII) such as names, phone numbers, addresses, driver's license numbers, and social security numbers, heightening the risks of security breaches and identity theft.
- Further, in recent years, the Indian government has significantly increased its budget allocation to prevent cyber attacks. As per the report by TV18, the government of India allocated INR 6.25 billion (USD 74 million) in 2023, out of which INR 4 billion (USD 48 million) was allocated to Cybersecurity projects and INR 2.25 billion (USD 27 million) was allocated to Indian Computer Emergency Response Team (CERT-In).
- This decision reflects the growing importance of cybersecurity in safeguarding the nation’s digital infrastructure and protecting sensitive information. The move comes in response to the escalating frequency and sophistication of cyber threats, which pose substantial risks to national security, economic stability, and public safety.
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Robust growth to be Witnessed in Cloud Security
- The exponential rise of IoT solutions is witnessing increasing popularity in the information security sector. Meanwhile, the rapid adoption of emerging technologies like big data and cloud computing in cyber security is currently one of the key market trends. Due to its powerful and flexible infrastructure, the cloud computing model is widely used. Many organizations are shifting toward cloud solutions to simplify data storage and provide remote server access via the Internet, allowing access to unlimited computing power. As per the report published by FICCI, the leading reason for cloud adoption in India is the modernized data infrastructure, which contributes 49% of the total cost.
- Moreover, by adopting cloud solutions, organizations can integrate advanced infrastructure technologies like software-defined perimeters, bolstering security measures. Additionally, the imposition of stringent regulations by numerous governments to enhance cloud security is propelling the growth of the cybersecurity market.
- Cloud security operations boast speed, scalability, interoperability, automation, and cooperation. Key enterprises, advanced in their cloud security adoption, leverage automated solutions six times more than their nascent counterparts. Notably, these advanced enterprises exhibit twice the effectiveness in addressing threats throughout their lifecycle.
- Due to its powerful and flexible infrastructure, the cloud computing model is widely used. Many organizations are shifting their preference toward cloud solutions to simplify data storage and provide remote server access via the internet, allowing access to unlimited computing power. This increasing demand for data drives the adoption of cloud security in India.
- Cloud implementation can enable organizations to combine supplementary infrastructure technologies, such as software-defined perimeters, to create robust and highly secure platforms. Many governments issue special guidelines and regulations for cloud platform security, which drives the cyber security market's growth.
- Cloud-based cybersecurity architecture allows cloud applications to implement single sign-on (SSO) and multi-factor authentication (MFA), tailoring access for each user to designated applications and data. With SMEs increasingly turning to the cloud to bolster data security, the market for cloud-based cybersecurity solutions is poised for growth.
