<!–Uday Deb
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Catalyzed by the Covid-19 pandemic, digital transformation has picked up unprecedented pace across the globe. The pandemic has transformed the way people communicate and work, raising our reliance on mobiles, computers and other electronic devices. Consequently, individuals, businesses and even governments are generating more data than usual and becoming more susceptible than ever before. Following the digital boom, cyberattacks continue to mount and pose a serious threat of ransomware, malware and other security breaches.
According to the facts – cybercrime escalated by 151%, in 2021 with an average of 270 cyber-attacks faced by each organization. Eyeing the collective dream of cyber resilience, a slew of Indian startups are innovating and bolstering the global cybersecurity space. Since 2020, the number of Indian cybersecurity startups has grown from 175 in 2018 to 225, also registering double revenue of over $1 billion. The wave of cyberattacks gripping the globe has opened the gates of ‘Make in India’ startups to capitalize on unrealized opportunities and witness uncharted growth.
Rethinking the security technology stack
As companies move to the cloud, the security perimeter must expand to include organizations of all sizes under the cybersecurity ambit. With nearly 50% of cyberattacks being targeted at small and medium businesses, the need for advanced cybersecurity solutions is more pressing than ever. With an ever-expanding digital footprint, conventional cybersecurity controls are becoming increasingly insufficient and obsolete. At the same time, the sophistication of cyberattacks has grown and exposed gaps in technology and skills.
To address these new risks as well as prepare against new threats, ‘Make in India’ startups are elevating their role by reframing the security practices and upgrading their security technology stacks. To support diverse technologies as well as the workforce in different geographies, Indian cybersecurity startups are building flexible security solutions that secure outside the traditional security perimeter and provide a holistic view of the organization.
Innovations in cybersecurity products
The advancements in scale, sophistication, complexity and types of cyberattacks have brought home the importance of business resiliency and have spurred the demand for next-gen cybersecurity products. Taking the helm of cyber resilience, Indian startups are becoming a trusted and obvious choice for providing cutting-edge cybersecurity products globally. From securing the entire network through a single window to providing AI-based vulnerability management systems, Indian startups are building innovative and highly-sophisticated cybersecurity products. These end-to-end cybersecurity solutions instantly detect, mitigate and eliminate cyberthreats, thereby eliminating security blind spots and reinforcing the business cybersecurity.
Charting international expansion
Even though established in India, the purview and potential of these startups are not limited to the national territory. Ripe for disruption, the global cybersecurity space is witnessing the growth potential of Indian startups providing next-gen cybersecurity products. According to the Data Security Council of India (DSCI), 24% of Make in India cybersecurity startups have expanded globally and established an imminent presence in international markets across the United States, Australia, Singapore and Netherlands.
Interestingly, around 84% of the products offered by Indian startups are software-based, while 78% are provided with subscription-based licensing models to make adoption easier. Keeping up with the global transition to the cloud, 78% of the products built by Indian cybersecurity startups are designed for the cloud, and 63% of the organisations are using AI or one of its branches to strengthen their performance. With the global cyber security market expected to reach $ 376.32 billion by 2029, Indian startups will play a big role in propelling the industry forward.
The market opportunity in the global cybersecurity space is bigger than ever before. If ‘Make in India’ startups can tap the untapped potential of the global cybersecurity industry, there will be no stopping them. Underpinned by the government, driven by innovation and catalyzed by challenges, Indian cybersecurity startups are poised for scale-up and world domination. With continued growth and expansion, Indian startups are paving the road for India to become a global cybersecurity hub in the coming years.
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Disclaimer
Views expressed above are the author’s own.
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Disclaimer
Views expressed above are the author’s own.
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