The Future of India’s Cybersecurity Market as a Global Leader

India's Cybersecurity Market

India’s cybersecurity market was evaluated at 140 billion Indian rupees in 2019 and is expected to grow to 290 billion rupees by 2025, at a compound annual growth rate (CAGR) of 15.3%. To get things into perspective, it means more than a billion-dollar increase in 6 years.

The top three sectors benefiting most from India’s cybersecurity growth are banking, financial services and insurance (BFSI), IT, and government. The cybersecurity industry in India, therefore, provides several massive potential moves for US enterprises.

The Indian government has made cybersecurity a national policy priority, forming task teams and meeting with the US government to explore collaboration, information sharing, and upgrading cybersecurity.

In the realm of cybersecurity, a bilateral partnership between India and the United States is on the rise.

The most recent formal government bilateral cooperative Cyber Dialogue between the US and India took place in October 2019. While many elements may contribute to this growth rate, factors such as digital expansion, which necessitates security investments, increasing assaults on cybersecurity systems, and legislative rules that drive security market demands can all have a substantial impact on Indian cybersecurity demand.

COVID-19 has opened doors for India’s cybersecurity

India has entered a new age of digitalization as a result of the COVID-19 epidemic. However, there is a cost to be paid. The use of cloud platforms, digital payments, and e-commerce, as well as the country’s almost 700 million internet users, has increased cyber risks.

It is a similar story in other parts of the world as well. During the COVID-19 outbreak, cybercriminals used tried-and-true strategies, including phishing, social engineering, and other hacking tools to extort millions of dollars from organizations.

According to a recent analysis from Verizon, the average cost of a data breach for businesses increased to $21,659 per occurrence during the pandemic, with most cases ranging from $800 to more than $650,000. However, 5% of successful assaults cost $1 million or more to firms.

It has made IT firms work round the clock to help companies protect themselves from cyber threats.

India has to be extra careful when cyber security and citizens’ privacy are involved. Because India has a population of 1.38 billion people and 825.30 million Internet users as of March of this year. It makes governing and securing the Internet that much harder.

India is prepared to tackle cyber threats

India is fast evolving toward a high level of digital data, digital payments, and mobile software use. Indian firms have begun to use cloud-based software since it is more cost-effective and less hardware-dependent. India’s rising use of technology and mobile penetration exposes the country to cyber assaults, cyber dangers, and increased hacker attention.

India must act quickly to protect its citizens, businesses, and government from cyber dangers, hence creating possibilities for the industry. Because both systems and cyber assaults are becoming more complicated. Investors expect that new technologies such as predictive threat intelligence, behavioral analytics, and blockchain will begin to expand faster than more established technology.

India is in a vulnerable position as an influential state in the Middle East. Its ties with the US have made it a country with many enemies. The country is, therefore, a target of several state-sponsored terrorist attacks.

Due to the advancements in tech, some of these attacks have been in the form of digital threats. The region’s technological workforce is rising to the challenge, but it is still in its early developmental stages. The country, therefore, needs to be wary of its rivals’ motives and the prospect of cyber threats.

India is prepared to pay a lot of cash

India is jumping on cybersecurity trends by putting measures that will help boost the economy. It is also capitalizing on the core benefits of cybersecurity. Security testing and incident response services are projected to drive demand in the Indian cybersecurity services industry. By 2022, the security implementation services market, consulting services market, and testing services market are all predicted to develop significantly.

The Indian gaming market accounts for about 15% of most online gambling traffic worldwide. In four years, the Indian gaming sector is expected to be worth $3.91 billion. A significant chunk of this fortune may trace back to a few online betting games. This expansion links to the development of digital infrastructure, strong smartphone adoption rates, a young population, and increased use of digital payment methods.

Players are more inclined to use online payment methods as gaming becomes mobile. Online gambling is another source of cyber threats. It necessitates more strict data protection measures by both casinos and players.

The Indian government is encouraging the establishment of cybersecurity firms and investing in cybersecurity infrastructure development. The budget allocation for cybersecurity initiatives and the development of IT and ITeS businesses was boosted to Rs 170 crore, each, in Budget 2020-21, up from Rs 102 crore and Rs 90 crore correspondingly in the previous budget.

It would allow Indian cybersecurity businesses to develop and thrive while also testing their products in the local market.

What challenges does India face in its road to cybersecurity freedom?

India faces many challenges in creating a cybersecurity haven for foreign firms. Most of these are fictitious, but they still need to be addressed and handled methodically. There is the issue of misinformation that is rampant on social media sites like Twitter and Facebook.

Misinformation spread purposely to disillusion or alarm people is also a cyberattack but isn’t perceived as one. It is different than your run-of-the-mill cyber threats, so it can’t be detected using the usual techniques.

Misinformation about India’s security scenario and lack of technological advancements can dissuade foreign investment. US companies can also be sidetracked by the work culture disparity between the two countries.

Lack of biometric verification, not implementing ISO-207001 cybersecurity, and no GDPR are all issues that India must figure out to attract foreign investment, especially in the tech sector. Furthermore, there is a lack of employee monitoring tools.

These tools help protect a company’s data and ensure employees do not share data with unauthorized personnel. Remote monitoring apps also help protect intellectual property. They prevent intellectual thefts that occur via personal communication devices like mobile phones.

XNSPY is the leading employee monitoring app in India. Many Indian businesses have started employing the app to help protect their data and intellectual property from falling into the wrong hands.

The country was already using remote monitoring features to safeguard their kids from bullying and online ransomware scams via XNSPY’s keylogger for parents.

Xnspy has appeared in the list of famous keyloggers for Android due to the app’s remote screen recording capabilities, instant messenger monitoring, and keylogging capabilities.

Because of all these options, many companies have started incorporating this leading employee monitoring app in India.

Once the issues are taken care of, foreign businesses will start investing further.