The pressing need to implement countermeasures to keep cyber security risks in check will generate an astonishing number of jobs in India, the country’s IT industry association Nasscom has said. According to a report in the Times of India, efforts to protect data from cyber criminals and the setting up of fortification IT infrastructure across the world will create a US$35-bn revenue opportunity by 2025 for India’s IT sector. This emerging trend will also create about a million job opportunities in the field. Nasscom reckons that the cyber security boom will give the Indian IT industry another opportunity to strengthen its offshore services offerings portfolio.
- The industry body estimates that the Indian IT sector will value about US$350 bn by the end of 2025, and about 10% of this will be represented by cybersecurity.
- Spokespersons for Nasscom further added that currently, cybersecurity in India represents a US$3-bn opportunity in India, which translates to 2% of the Indian IT sector, which is valued at US$150 bn.
- The start-up scenario is also expected to remain dynamic as far as the cybersecurity market in India is concerned. The industry body reckons that about 1,000 startups will crop up in this space.
- It is expected that startups will help the IT industry to demonstrate more agility in responding to emergent cyber security threats because of these companies being more “light footed” and boasting world-class technologies, said the Rajendra Pawar, Chair of the Cyber Security Task Force at Nasscom.
- Investments in cybersecurity have seen a surge in recent years because enterprises are taking their data security very seriously and are willing to spend more on securing their customers’ and stakeholders’ data.
Anticipating a massive surge in both the number of cyber attacks and the need to protect against them, Nasscom had set up a cyber security task force in 2015. With this, the Indian IT industry hopes to position itself as a leading player in the global cyber security industry.