Posted by Mumbai: Cybersecurity sector’s expectations for Budget 2021. Comparatively, Cybersecurity sector is smaller, its role remains extremely crucial across industries and segments. That makes it one of the prominent verticals in the Indian economy.
The Cybersecurity services industry in India is expected to touch around $7.6 billion in 2022 from $4.3 billion in 2020. With a growth rate of 21% the sector’s size is expected to reach $13.6 billion by 2025, as per Data Security Council of India (DSCI) report.
According to PwC India’s estimates, the Cybersecurity market in India is expected to grow from $ 1.97 billion in 2019 to $3.05 billion by 2022. With a CAGR of 15.6%, the Cybersecurity sector’s growth rate is almost one and a half times the global rate.
With major initiatives on the digital front across the private and public sector, Cybersecurity sector’s growth is substantial and continues to increase rapidly. And it’s necessary to know and understand what are Cybersecurity sector expectations for Budget 2021 along with the challenges it faces today.
So here are the expectations from some of the vendors representing the Cybersecurity sector in India
Rajesh Maurya, Regional VP – India & SAARC, Fortinet
From a cybersecurity sector’s perspective, the challenge in 2021 will be to grapple with a combination of skills shortage, growing demand for skilled resources and an expanding attack surface. More government services and data became accessible online as a result of the COVID pandemic these digital assets and services are ‘crown jewels’ in terms of the sensitivity and quantity of data they contain.
While the demand for cybersecurity professionals continues to increase, there aren’t enough skilled candidates to fill critical security roles. To address this industry-wide obstacle, the government should address the cybersecurity skills by prioritizing technology skill-building and reskilling programs so that the next generation of security leaders will have the skillset and knowledge the industry so desperately needs.
Sonit Jain, CEO- GajShield Infotech
This year, we would like the government to include tax exemption for companies making products in India and also for employees working in such companies.
With data security being as important as revenue growth for companies, a policy framework to enhance the digital culture of India, by incentivising companies to build strong data security infrastructure will fuel further growth of India.
Covid-19 has shown how work from home (WFH) is no longer a buzz word, but a necessity, we look forward that this budget accelerates spending in rural digital infrastructure, thus making work from anywhere a true possibility.
This will not only ensure the development of our rural economy but also help in decongesting cities. All of this would require a workforce well equipped with the knowledge of latest technology, spending on education to boost research in universities will help build a nation with a knowledgeable and intelligent future generation.
Ajay Kaushik, Founder and CEO – Panacea Infosec
After Digital India initiative digital innovations are on the fast track, and data became a new fuel for the digital economy. Government has to ensure that data is not an asset of an organisation but it is a responsibility and eventually liability.
We need a robust cybersecurity policy. The government should accelerate the enactment of the Data Protection Act and set up a strong and effective Data Protection Authority. Few key areas where we are expecting reform is ensuring predictability, consistency and rationalisation of levies and taxes to promote innovation and investments in the sector to achieve government’s Digital India vision.
As the digitalisation of the economy is taking place, the focus of policymakers should be on building superior trust in technology. Some 10 to 20% allocation of technology budget for cybersecurity initiatives should be a priority of the Indian government. In this budget, the government must add simulation-based cybersecurity training solutions in the Skill India campaign.
We are expecting from the government to create a strong compliance culture for payment data security as well as PII security. Although we have practices such as PCI DSS, ISO 27000 and few others prescribed by CERT-In and NCIIPC in India. We have to analyse these practices with the point of view of its practical implementation and orientation along with its interoperability with the international frameworks.
The government should give policy support for cybersecurity services with the proactive application of policy mandates. All guidelines for data protection and Risk assessments should be enforced very strictly just like the government enforces income tax and GST filings. It will make the nation safer from a cybersecurity perspective.”
Dipesh Kaura, GM – Kaspersky, South Asia
The Financial Budget for 2021 will be very crucial for various sectors including Tech/ IT, especially after the year 2020 – where economic growth of our country almost came to a standstill, due to the pandemic and its after-effects. However, it was the use of digital technology that helped companies run their businesses remotely and steadily throughout the year.
It is a fact that the emerging trend of digital transformation created various opportunities for us, however, it also led us to a juncture where newer opportunities met newer threats. The use of digital technology has not only transformed the way we operate today but has also opened gates for nefarious cybercriminals that are waiting to exploit our vulnerabilities.
From a growing number of cyberattacks on enterprises, critical infrastructures, consumers, to increased cyber warfare, we have witnessed a drastic change in India’s threat landscape in the past year. To keep the digital transformation ongoing, it is imperative to embed cybersecurity at the most initial stage of digitisation.
While Digital India is our future, the right investment made in cybersecurity today can help us secure this future, and hence the funds should be allocated accordingly. Increase in cybersecurity awareness and maturity amongst the growing internet users in India is equally important to protect them from the potential threats and encourage them to explore opportunities digitally.
The Finance Minister indeed has to look at various aspects while announcing the budget, but with right investments made in the technology sector, the country is sure to soar to new heights.
Karmesh Gupta, CEO – WiJungle
Cybersecurity is a crucial element of digital empowerment, attention on both industry and public is the need of the hour. From an industry perspective, to promote local players, the government should give subsidy benefits if a company procures an Indian cybersecurity product.
Further, we look forward to incentivisation/aide for startups in standard testing certifications and also open basic public testing labs accessible to startups on the subscription model. This would help domestic companies to compete conclusively against foreign players.
From citizen perspective, the government must launch mass cyber education and awareness drive through web programmes, evolving existing off-line IT certification programmes and introducing it as a subject in the school curriculum, etc., for two major purposes –1) develop the workforce and reduce current shortage; and 2) substantially bring down cyber theft and losses.
Certainly, the Cybersecurity sector’s expectations touch upon many aspects. However, how many of them are actually considered and fulfilled will only be known after the Finance Minister Nirmala Sitharaman presents the Budget 2021 in the parliament on Monday.