India's info security, risk mgmt spending to grow 9.5% in 2021: Gartner

Enterprise information security and risk management end user spending in India is expected to reach $2.08 billion in 2021, an increase of 9.5 per cent from 2020, while whole cloud security is likely to see growth of over 250 per cent, according to the latest forecast from research firm Gartner.

“The overnight move to remote working in reaction to the pandemic exposed organisations’ vulnerabilities,” said Prateek Bhajanka, senior principal research analyst at Gartner. “While security leaders had to cut down on their security spending in 2020 because of IT budget cuts, in 2021, this trend is reversing. A secure digital environment is now foundational to organizations’ growth and in preparation to another crisis that may arise. Security leaders are ready to reinvest in cybersecurity with a renewed and refreshed rigor.”

Gartner analysts spoke about how security and risk management leaders (CISOs) can advance their IT cybersecurity and risk strategy at the Gartner Security and Risk Management Summit India taking place virtually.

In 2021, organisations are expected to increase their spending across all segments of security and risk management. Continuing the trend from last year, cloud security and integrated risk management will see the highest growth in 2021, up 251 per cent and 27.8 per cent, respectively, Gartner said.

“India is at an early stage of cloud adoption and the pandemic only accelerated this shift as organizations moved to the cloud to achieve cost efficiency and business continuity,” said Bhajanka. “In 2020, hyperscalers, such as Amazon Web Services, Microsoft Azure and Google Cloud, increased their investment in data centers in India, further catalyzing Indian organizations’ move to cloud during the pandemic.”

CISOs and security leaders are aware of the risks and vulnerabilities that their organizations can be exposed to while migrating to cloud from legacy systems. To manage these risks, organisations are increasing their spending on cloud security tools, driving the market up 251.1 per cent in 2021. Cloud access security brokers (CASB) and cloud workload protection platform (CWPP) will be some of the major technologies that CISOs in India will increase their spending on within the cloud security segment in 2021.

 

In addition, Indian CISOs and security leaders will focus on establishing and deploying threat detection and response programs and capabilities, such as endpoint detection and response (EDR),and move to cloud delivered security capabilities to have consistent security coverage whether working from office, home or off site, Gartner analysts said.