It’s time to focus on Cybersecurity
For Indian businesses it’s time to focus on cybersecurity to strengthen the defence.
The past year-and-a-half has been an inflection point in cybersecurity with the battle against lack of awareness among Indian businesses and the public sector largely being won, mainly following the two global ransomware attacks — WannaCry and NotPetya.
If you go back to early 2017 or 2016, it was still an awareness battle. The last 1.5-2 years have been very defining in the battle, especially when some of these very high-profile compromises globally happened across financial industry, ATM machines [being impacted], factories shutting down… I think people realised that this [cybersecurity] is not something that they can take lightly and it became clearly the middle of the conversation, rather than being a side conversation.
With ‘softwarisation, digitisation’ and rapid adoption of IoT, cybersecurity has become very core to business strategy. Those who ignored security in last 2-3 years have paid for it with all these ransom attacks. The cybersecurity, being a technical issue, which was not in the boardroom, is now a boardroom issue.
The security budget in an IT investment project — be it an upgrade project or a client building a new data centre or application — security would consume less than 5% of about $100 spent on the project. Today, that spend is on a lower-end at about 9% and upper-end at about 14-15%, so there is 3-4 fold increase and we can see this across the world… in Asia, Europe, America, it is a universal trend, where we see a dramatic change in budget composition.
According to industry estimates, the size of the cybersecurity services and products market is pegged at about $120 billion with a forecast of growing to $200 billion in the next 3-4 years.