According to a report by Data Security Council of India (DSCI), around 97 per cent of Indian organisations have invested in AI/ML technologies. It also noted that around 84 per cent of organisations surveyed had invested in cloud technology.
The report said that the cybersecurity market in India touched $6 billion in 2023, growing at a compound annual growth rate (CAGR) of over 30 per cent during 2019-23, while the cybersecurity products segment grew by more than 3.5 times to reach $3.7 billion in 2023 from $1 billion in 2019 approximately. It also estimated India’s cybersecurity market to account for 5 per cent of the global market by 2028.
The report also highlighted how threat actors are using emails as the most critical tool to target organisations, followed by phishing, where about 90 per cent of the organisations recognised email as the foremost and most critical pathway for cyberattacks, and 84 per cent acknowledged phishing as the predominant cyber threat confronting their industry.
Moreover, the cybersecurity talent shortage has become a significant concern for the country’s end-user organisations and security companies. On the sectoral front, the banking, financial services and insurance (BFSI) and information technology enabled services (ITeS) sectors were reported as the leading spenders on cybersecurity in India.
The report further added the consequences of cyberattacks on businesses, with 87.5 per cent of respondents in the survey reporting that cyberattacks created reputational damage to their organisation.
Furthermore, 75 per cent of the surveyed organisations also reported financial and revenue losses, and disruption of internal operations as damage caused by cyberattacks in India.
