India is becoming a cybersecurity hotspot as companies and governments around the world are more interested in investing in cyber resilience.
Due to delayed recruiting in the traditional software industry, the allure of easy money, and a lack of law enforcement, India is swiftly becoming a talent hotspot for the worldwide cybercrime sector, according to computer security experts.
Hacking into computer networks and producing malware are two activities that cyber-mercenaries in India outsource through underground markets. Botnets, which are hacker-controlled machines that are used to cripple websites and shut them down, maybe rented for as little as US$2 (Rs 125) each hour.
With rising occurrences of cyberattacks during the pandemic that is fuelling this expansion, India is on track to become the epicentre of the cybersecurity product business, after establishing itself as a global hub for IT services and goods.
According to a recent report by the Data Security Council of India (DSCI), the country’s national industry body for data security, the number of Indian cybersecurity product firms will increase to over 225 in 2020 from over 175 in 2018, with revenue rising to over $1 billion in 2020 from $275 million in 2016, representing a 39 per cent CAGR.
The number of persons employed in the Indian cybersecurity product industry increased by 25% between 2018 and 2020, to over 18,000 employees.
Cisco, CrowdStrike, Lucideus, FireEye, and Symantec, among others, have significant R&D facilities in India, and local cybersecurity firms are seeing increased business from both domestic and international firms as the epidemic drives demand for cloud computing, remote working technologies, and cost reduction.
“It’s encouraging to see that 63 per cent of the [cybersecurity] systems evaluated have AI-ML capabilities, 78 per cent are cloud-ready, and organisations in speciality domains like Quantum and Blockchain are rethinking traditional cybersecurity stacks,” said Rama Veda Shree, CEO of DSCI.
According to the DSCI, over 20% of cybersecurity companies were created in the preceding two years, with the most notable hubs being Bangalore, Mumbai/Pune, Delhi NCR, Hyderabad, and Chennai.
While overall fundraising in the preceding four years was around US$490 million, from 2017 to 2018, fundraising rose by 88 per cent year over year.
According to Lucideus’ founders and CEO, India’s position as a global engineering powerhouse, politicians’ strong national digital vision, and the presence of universities with substantial research skills make the country a global hub for cybersecurity R&D and a gateway to Asia.
According to the study, India accounts for 63% of worldwide cybersecurity product sales, with the US coming in second with 16%. While the financial services and information technology industries provide the most revenue, healthcare, e-commerce, and manufacturing are growing rapidly in the aftermath of the epidemic.
Data protection and endpoint security will increase at a higher rate than the rest of the Indian cyber security solutions market.
In the endpoint category, the usage of linked devices, bring your own device (BYOD), and Internet of Things (IoT) technologies is predicted to grow.
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