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 losses for businesses across the country. According to cyber security intelligence firm CloudSEK, India witnessed 7.7% of the world's total incidence of cyberattacks on the healthcare sector last year, making it the second-most attacked nation overall.
- 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 in terms of business disruptions, intellectual property loss, financial loss, and the loss of critical and sensitive customer information.
- Targeted attacks have grown in popularity in recent years, infiltrating targets' network infrastructure while remaining anonymous. Attackers with a specific goal usually go after endpoints, networks, on-premises devices, cloud-based applications, data, and other IT infrastructures.
- Attackers steal personally identifiable information (PII) like names, phone numbers, addresses, driver's license numbers, and social security numbers. This can lead to more security breaches and identity thefts.
- Technologies that use AI or ML for threat detection were ranked as the top priority for cybersecurity investment by 32% of poll respondents last year. Due to the coronavirus pandemic, a large number of workers began working from home, which increased the number of endpoint devices and the risk of cybersecurity breaches.
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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 their preference toward cloud solutions to simplify data storage and provide remote server access via the internet, allowing access to unlimited computing power.
- 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.
- Speed, scalability, interoperability, automation, and cooperation are all features of cloud security operations. Automated solutions are used six times more frequently by key enterprises across the country that are further along their cloud security journeys than those that are just starting. The performance of these similar businesses is twice as good across the threat remediation 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.
- 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.
- The cloud-based cybersecurity architecture approach enables cloud applications to use single sign-on (SSO) and multi-factor authentication (MFA), giving each user access to a specific set of applications and data. As SMEs plan to address data and information security concerns via the cloud, demand for cloud-based cybersecurity solutions is expected to rise, presenting market growth opportunities.
- According to a survey done in 2020, over 37% of Indian businesses have their digital infrastructure hosted on the cloud. More than 60% of infrastructure was expected to be in the cloud this year, replacing third-party co-location and on-site or captive availability.
