Why Startups in India must give importance to Cybersecurity?
With the ubiquitous access to the internet, iPhones, apps, and round-the-clock data access, our way of life has altered tremendously. Indians use the internet for a variety of purposes, including research, banking, shopping, and data storage. Not only has the internet brought the world closer together, but it has also become a fortress for cybercriminals. Any business enterprise, from large companies to Startups, is susceptible to cyberattacks. On October 14, 2020, over 2 crores of users’ data breach at online grocery leader BigBasket highlighted the need for more robust cybersecurity in the Indian Startup ecosystem.
According to recent estimates, India was ranked 2nd, with nearly 687 million Indians using computers or mobile devices to access the internet. The year 2020 was notable in several respects, with the COVID-19 pandemic having a major impact and an increase in cybersecurity threats. Although this number is expected to rise further in 2021 and beyond, businesses should gain the necessary awareness, conduct staff training programs, and invest in innovative cybersecurity technologies to thrive in the new normal.
What is Cyberspace?
The Internet, telephone networks, computer systems, and embedded processors and controllers form a global domain within the information world.
Cybersecurity Market Size
During the period 2021-2028, the global cybersecurity market is expected to expand at a CAGR of 12%, from USD 165.78 billion in 2021 to USD 366.10 billion in 2028. During the forecast years of 2021-2025, India’s cyber security market is projected to expand at a CAGR of 13.90 percent.
Cybersecurity and India’s businesses
The established companies in India are being impacted by modern technologies such as cloud computing, IoT (Internet of Things), and robotics every day. The digitalization has been noticeable, with automation, IoT, Cloud & Edge Computing, Robotics, and data analytics rendering industrial automation smarter, intelligent, and more efficient.
Due to all this, Organizations are becoming increasingly susceptible to cyberattacks aimed at undermining their activities or permanently damaging their IT structures. Because of a lack of attention to security and it being an afterthought, Indian startups aren’t adequately protected. Startups face the challenges of restricted budgets and capital when it comes to managing security.
Most companies rely heavily on digital technologies and apps as part of their everyday operations, whether it’s customer-facing websites, cloud systems, email services, network infrastructure, employee computers, and more. As a consequence, cybersecurity threats are rising. Hackers are gradually taking advantage of software and hardware bugs to gain access to corporate systems and trigger a variety of problems.
Every day, cybersecurity professionals in India and the rest of the world face new threats and vulnerabilities, placing multiple organizations at risk. Digitization has not only opened up new possibilities, but it has also exposed the industry to a slew of new risks, emphasizing the importance of cybersecurity as a constant, perpetual, always-on, and proactive mechanism rather than a one-time event.
Vulnerabilities in software and hardware provide a way into targeted companies for cybercriminals, who are actively looking for and exploiting them. With this in mind, cybersecurity teams must be diligent in identifying and repairing vulnerabilities to prevent them from being exploited.
With the 5G wireless service set to launch in India’s market, new security problems may arise, as it will dramatically increase traffic, consume more bandwidth, and necessitate higher speeds and lower latency. Multiple networks, clouds, CDNs (Content delivery network), and the edge are all used in this, exposing new ways for attackers to exploit vulnerabilities.
Top Cybersecurity Challenges in India
India’s cybersecurity architecture at the national level is still in its infancy. There are no borders in cyberspace, making companies vulnerable to cyber attacks from everywhere. In hardware and software cybersecurity tools, India lacks indigenization. As a result, India’s cyberspace is vulnerable to attacks from both state and non-state actors. At both the corporate and individual levels, there is a lack of understanding. The legal system is urgently required to provide guidance and supervision for domestic netizens so that they can shield and keep themselves safe from cyberattacks.
Cybersecurity Startups in India
In the cybersecurity sector, several Indian Startups have emerged as major players. India’s cybersecurity industry has benefited from the “Make in India” initiative. In 2020, there were over 225 Indian cyber security product startups, up from over 175 in 2018.
Indian Government Cybersecurity initiatives
In response to the rising risks and threats, India’s government has launched many initiatives, including the National Cyber Security Policy and the Cyber Swachhta Kendra. Via regulatory mechanisms, stringent rules, and enforceable legislation, the government is also planning to fight cybercrime.
India’s highly skilled IT workforce must be harnessed and redirected by the government for economic reasons. Incentives offered by the government to the private sector will promote private sector investment in a National Cybersecurity Agency. Indian Startup companies will become more competitive on a global level and build a safer digital India if India’s cybersecurity defences are improved in the coming era.