‘Cybersecurity budgets of Indian firms have tripled’

Indian companies are investing more on securing their data rather than pumping money into technology as they try to build comprehensive solutions to prevent hackers from attacking their networks, said Sanjai Gangadharan, regional director SAARC, at U.S. cybersecurity firm A10 Networks. “IT budgets are shrinking and security budgets are going up,” Mr. Gangadharan said in an interview. “Security investments or budgets in India have doubled or even tripled. There are now security departments under a chief information officer, chief security officer or a risk officer, which are being allocated a lot of budgets. IT budgets are shrinking because it is mostly pay-as-you-go model now, and there is less capital expenditure required. “Also, overall costs are coming down. Here, the device cost may come down, but the need for building an overall solution which has more components, and upgrading it with more features and functionalities, that is on the rise.” Global spending on information security products and services will surpass $114 billion in 2018, an increase of 12.4% from last year, researcher Gartner said on August 15. Key drivers In 2019, the market is forecast to grow 8.7% to $124 billion. Privacy concerns, persisting skills shortages and regulatory changes such as the EU’s Global Data Protection Regulation are the main drivers, said Siddharth Deshpande, research director at Gartner. A recent attack on Singapore Health Services (SingHealth) network compromised personal health records of 1.5 million patients in the island and reinforced the need to view sensitive data and IT systems as critical infrastructure, Mr. Deshpande said.

Source : https://www.thehindu.com/todays-paper/tp-business/cybersecurity-budgets-of-indian-firms-have-tripled/article24765157.ece

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