End-user spending on security and risk management in India is forecast to increase at 8.3 percent to $2.65 billion in 2023, according to a Gartner report.
In its recently published report Gartner, a top research organisation mentioned that end-user spending in India is going to get a hike of 13.6 per cent as far as security and risk management are concerned, amounting to $2.65 Bn, which is around 8.3 per cent from 2022.
The increase in adoption of digitalisation, cloud applications and the rise in remote workers exposes Indian organisations to greater security risks,” said Rustam Malik, Senior Principal Analyst at Gartner. “In addition, growing concerns on the rising number of ransomware attacks coupled with stringent government measures on digital data protection and security breach reporting are pressing chief information security officers (CISOs) to increase their security and risk management spending for 2023.”
Along similar lines to last year, security service is going to be the area of highest spending which is estimated at 40 per cent.
Interestingly spending on cloud security dipped slightly which is 0.5 per cent but the percentage growth remained highest among the other segments, Standing at a whopping 25.8 per cent. Integrated risk management stood second with a 24.8 per cent growth rate.
As businesses in India increasingly conduct their operations online, they face a rising tide of cyber threats. In this environment, Chief Information Security Officers (CISOs) must allocate their resources wisely, with a particular focus on two key areas: application security and data security. Additionally, the prevalence of identity-related attacks, including credential theft, has made it imperative for Indian CISOs to prioritise investments in identity threat detection and response solutions to identify any suspicious activity stemming from trusted user accounts.
