Catalyzed by the Covid-19 pandemic, digital transformation has taken on an unprecedented pace across the world. The pandemic has transformed the way people communicate and work, increasing our reliance on cellphones, computers and other electronic devices. As a result, individuals, businesses, and even governments are generating more data than usual and becoming more sensitive than ever. Following the digital boom, cyberattacks continue to increase and pose a serious threat of ransomware, malware, and other security breaches.
According to the facts, cybercrime has increased by 151%, in 2021, with an average of 270 cyberattacks suffered by each organization. In view of the collective dream of cyber resilience, a multitude of Indian startups are innovating and strengthening the global cybersecurity space. Since 2020, the number of Indian cybersecurity startups has increased from 175 in 2018 to 225, also recording a double turnover of over $1 billion. The wave of cyberattacks plaguing the world has opened the doors for “Make in India” startups to capitalize on unrealized opportunities and witness unexplored growth.
Rethinking the security technology stack
As businesses migrate to the cloud, the security perimeter must expand to include organizations of all sizes as part of cybersecurity. With nearly 50% of cyberattacks targeting small and medium-sized businesses, the need for advanced cybersecurity solutions is more pressing than ever. With an ever-expanding digital footprint, conventional cybersecurity controls are becoming increasingly inadequate and obsolete. At the same time, the sophistication of cyberattacks has increased and revealed gaps in technology and skills.
To address these new risks and prepare for new threats, Make in India startups are elevating their role by reframing security practices and upgrading their security technology stacks. To support diverse technologies as well as workforce in different geographies, Indian cybersecurity startups are creating flexible security solutions that secure outside the traditional security perimeter and provide a holistic view of the organization.
Innovations in cybersecurity products
Advances in the scale, sophistication, complexity and types of cyberattacks have underscored the importance of business resilience and driven demand for next-generation cybersecurity products. Taking the lead in cyber resilience, Indian startups are becoming an obvious and reliable choice to deliver cutting-edge cybersecurity products globally. From securing the entire network through a one-stop shop to providing AI-based vulnerability management systems, Indian startups are creating innovative and highly sophisticated cybersecurity products. These end-to-end cybersecurity solutions instantly detect, mitigate, and eliminate cyber threats, eliminating security blind spots and strengthening enterprise cybersecurity.
Plan international expansion
Although established in India, the reach and potential of these startups is not limited to the national territory. Ripe for disruption, the global cybersecurity space is witnessing the growth potential of Indian startups providing next-generation 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 in the United States, Australia, Singapore and the United States. Netherlands.
Interestingly, around 84% of the products offered by Indian startups are software-based, while 78% come with subscription licensing models to ease adoption. Tracking the global shift to the cloud, 78% of products created by Indian cybersecurity startups are designed for the cloud, and 63% of organizations use AI or one of its branches to boost their performance. As the global cybersecurity market is expected to reach $376.32 billion by 2029, Indian startups will play an important role in propelling the industry.
The market opportunity in the global cybersecurity space is greater than ever. If ‘Make in India’ startups can harness the untapped potential of the global cybersecurity industry, there will be no stopping them. Backed by the government, driven by innovation and catalyzed by challenges, Indian cybersecurity startups are poised to scale and dominate the world. With continued growth and expansion, Indian startups are paving the way for India to become a global cybersecurity hub in the coming years.
The opinions expressed above are those of the author.
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