Catalyzed by the Covid-19 pandemic, digital transformation has reached an unprecedented pace around the world. The pandemic has transformed the way people communicate and work, increasing our reliance on mobile phones, computers and other electronic devices. Consequently, people, companies and even governments generate more data than usual and become more susceptible than ever. Following the digital boom, cyber attacks continue to rise and pose a serious threat from ransomware, malware, and other security breaches.
Based on the facts, cybercrime increased by 151%, in 2021 with an average of 270 cyberattacks faced by each organization. Looking at the collective dream of cyber resilience, a host of Indian startups are innovating and bolstering the global cybersecurity space. Since 2020, the number of Indian cyber security startups has increased from 175 in 2018 to 225, also recording double revenues of more than $1 billion. The wave of cyber-attacks sweeping the globe has opened the doors for ‘Make in India’ startups to capitalize on unrealized opportunities and witness unknown growth.
Rethink the security technology stack
As businesses move to the cloud, the security perimeter must expand to include organizations of all sizes in the cybersecurity arena. 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 With an ever-expanding digital footprint, conventional cybersecurity controls are increasingly insufficient and outdated. At the same time, the sophistication of cyber attacks has grown, exposing gaps in technology and skills.
To address these new risks and prepare against new threats, ‘Make in India’ startups are elevating their role by reshaping security practices and upgrading their security technology stacks. To support diverse technologies as well as workforces across different geographies, Indian cybersecurity startups are creating flexible security solutions that protect 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 highlighted the importance of business resilience and spurred demand for next-generation cybersecurity products. Taking the helm of cyber resilience, Indian startups are becoming a trusted and obvious choice to provide cutting-edge cybersecurity products globally. From securing the entire network through a single window to providing AI-based vulnerability management systems, Indian startups are creating innovative and highly sophisticated cybersecurity products. These comprehensive cybersecurity solutions instantly detect, mitigate, and eliminate cyberthreats, thereby eliminating security blind spots and strengthening enterprise cybersecurity.
Charting international expansion
Although established in India, the scope 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 offering state-of-the-art cybersecurity products. According to the Data Security Council of India (DSCI), 24% of Make in India cyber security startups have expanded globally and established an imminent presence in the international markets of USA, Australia, Singapore and the Netherlands.
Interestingly, about 84% of the products offered by Indian startups are software-based, while 78% have subscription-based licensing models to facilitate adoption. Keeping up with the global transition to the cloud, 78% of products built by Indian cybersecurity startups are designed for the cloud, and 63% of organizations use AI or one of its branches to strengthen their performance. With the global cyber security market expected to reach $376.32 billion by 2029, Indian startups will play a major role in driving the industry forward.
The market opportunity in the global cybersecurity space is bigger than ever. If the ‘Make in India’ startups can harness the untapped potential of the global cybersecurity industry, there will be no stopping them. Government-backed, innovation-driven and challenge-catalyzed, Indian cybersecurity startups are poised to scale and take on 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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