India's Cyber Security Market Projected to Gain 1 Million Jobs

Cyber Security  

It has been predicted that the IT industry in India will gain over 1 million cyber security jobs and $25 billion in revenues by 2025. What's more India isn’t alone in experiencing the rise in demand.

India is poised to benefit from a global rise in cyber security. The National Association of Software and Services Companies predicts that the industry in India will total 1 million jobs and $25 billion in revenues by 2025.

The report, which was released on April 19th, expects the cyber security industry to total up to $3 billion by the end of 2016, with an annual growth rate of eight percent.

This highlights the rapid growth opportunities within India’s tech sector and ripe opportunity for the country. The same report predicts the formation of 1,000 cyber security-related startups.

Global Trends

India isn’t alone in experiencing the rise in demand for safe cyber security.

In the U.S., President Barack Obama said cyber security is one of the biggest challenges the country has to deal with. The government has been improving its internal cyber security measure in an effort to limit outside threats and the damage those threats could do. The 2016 budget had allocated $14 billion for cyber security.

It’s not just federal agencies that see the importance of investing in cyber security, though. Large corporations are sometimes learning the hard way of the harm cyber security flaws can create.

One of the highest-profile cases was a hack of credit card information stored by the retailer Target. In 2013, around 40 million credit cards were comprised when someone installed malicious software to steal information from all of the company’s stores.

Half a year before the attack happened, Target spent $1.6 million in cyber security measures to prevent such an incident. They had teams in Bangalore, India and the U.S. ready to deal with anything that occurred.

Despite warning signs, Target failed to act on the threat and became the subject of numerous lawsuits.

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Global Growth
The Target attacks highlighted just how fragile even expensive cyber security systems can be and the enormous fallout that happens when a company fails to protect sensitive information.

With even more devices and information utilizing the Internet, the importance of cyber security measures is higher than ever. Now, homes and cars are connected to the Internet in ways they never were before. This technology is meant to increase convenience and productivity, but a cyber security attack could render these devices close to useless.

The threat is so real that the FBI has issued warnings about vulnerabilities in Internet of Things (IoT) devices.

Security threats from technology are everywhere, and it’s no surprise there’s a heightened interest worldwide in cyber security. The whole industry totaled $75 billion in 2015 and is expected to hit $170 billion by 2020.

Security awareness training has also proven to be a big industry. Educating IT staffs at both companies and governments is now a billion dollar industry, according to Gartner, a tech research company.

India Prepares

Companies aren’t taking cyber security threats lightly, and this increase is important to India’s growth as an IT provider. From a financial standpoint, this growth is great news. It’ll also help as the country works to increase Internet connectivity.

The country’s government has been making efforts to increase Internet access and infrastructure with its “Digital India” campaign. With the government pushing the Internet, both for citizens and government agencies, cyber security is especially important.

To prepare for the rise of cyber security firms in India, The National Association of Software and Services Companies has partnered with the Data Security Council of India and the U.S-based Symantec tech company to ensure India is ready.

"Building the next generation of cyber professionals is key to securing India's critical information infrastructure, battling cybercrime and making the 'Digital India' initiative successful,” Sanjay Rohatgi, a senior vice president at Symantec, says.

When it comes to cyber security, there’s no such thing as too much.

By Kayla Matthews

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Author Bio - Kayla Matthews is a technology journalist and blogger, as well as editor of ProductivityBytes.com. Follow Kayla on Facebook and Twitter to read all of her latest posts.