Cyber Security Growth Trends In The Era Of Digitization
Even as accelerated digitisation becomes the norm of the day in the times of the new normal, India continues to struggle with its data privacy and cyber security infrastructure. While the pandemic and the resultant lockdown has pushed players, both multi nationals and SME/MSME's, across health, banking & finance, education and corporate, to the virtual platform, offering them wider reach but also exposing them to the vulnerable virtual world. As per the 2018 CERT-In annual report, there was a 292 percent increase in cyber-attacks in India, from 2017 to 2018. Further, as per the `Cyber Security India Market: What lies beneath' report, based on a joint study by the PwC and DSCI, the Indian cyber security market is set to grow from USD 1.97 billion in 2019 to USD 3.05 billion by 2022, registering a CAGR of 15.6 percent, which is 1.5 times the global growth rate of cyber security expenditure.
Some key trends set to drive this growth, include:
1. Increased adoption of cloud-based services: With the wide spread remote working trend, corporate, businesses and institutions have been quick to adopt cloud-based software services and applications. Apart from allowing ease of access & storage of data, cloud services also demand a specialised & robust data security system that can protect not only the hub but also the connected network devices. Cloud computing is thus going to be one of the fastest drivers for cyber security.
2. Rise of Data analytics and Big Data: With in-creased digital adoption, the focus on data collection to drive smart automation and leveraging emerging tech like AI and ML, is a fast-rising trend. Data is already viewed as the next currency and hence increased focus on data protection & privacy is the key cornerstone for developing futuristic cyber-security ecosystem and also for cyber-crime laws. As an increasing number of institutions, businesses, communities & essential services continue to discover & depend on data analytics for innovative digital adoptions, data protection and privacy breaches are going to be the building blocks of the digital future.
While the pandemic and the resultant lockdown has pushed players, both multi nationals and SME/MSME's, across health, banking & finance, education and corporate, to the virtual platform, offering them wider reach
3. Accelerated automation and IoT: Internet of things, and operational technology/ automation, is another aspect of digitisation that is being widely adopted across industries and businesses. From manufacturing, health technology, logistics, banking & finance to even education & utilities adopting these smart tech devices, the need for ensuring data and protecting against cyber hacks/ ransomware & malware attacks etc., is increasingly becoming vital for efficient functioning.
4. Increased need for endpoint security: As remote desktops & work from home becomes prevalent & preferred, developing robust endpoint security ecosystem, is the need of the hour, as most data breaches have been observed to happen through endpoints. With the rising use of mobile devices & other smart connected devices, for accessing & sharing business and official information, a strong cyber security network for protection against malware & other forms of frauds, needs to be created.
5. Growth of Apps and Virtual communication: Apart from businesses & institutions, the area of social communication & networking is also rapidly expanding, making the world a small, close knit, digital village. Coupled with the rise of virtual meeting and video conferencing apps, social media, gaming, dating & travel apps etc., often accessed through open public Wi-Fi and each extensively storing personal data by the operators almost 24x7, the need of an equally serious & robust cyber security for consumer endpoint device is the need of the hour. This is another area that is going to drive the growth of cyber security market.
Apart from the above, the sector will also be supported through extensive cyber security awareness programs, specialised legal framework and innovations that leverage AI and ML for combating breaches & cyber frauds. From educating, training and spreading awareness among employees & front-line workers to educating the masses about the hazards of data breaches & cyber-attacks, the sector is set to grow at a massive pace, ensuring the true benefits of emerging technology adoption can be enjoyed by the masses.