Business Standard

'Enterprise information security spends to hit $1.9 bn in '19'


Press Trust of India Mumbai
Spending on information security products and services by companies in the country is expected to touch USD 1.9 billion in 2019 as they focus on building detection and response capabilities, a report said today.
It is on pace to reach USD 1.7 billion in 2018, an increase of 12.5 per cent over 2017, according to the latest forecast from Gartner.
"Continued focus on building detection and response capabilities are bolstering security spending in India," said Siddharth Deshpande, research director, Gartner.
Highly publicised and high-impact security incidents like the recent cyber theft at Pune-based Cosmos Bank, reinforce the need for organisations to treat security and risk management as a top business priority.
Existing global data privacy regulations like the general data protection regulation (GDPR), as well as upcoming national-level regulations like the country's proposed personal data protection bill, are also raising awareness of security and risk management issues.
The five key enterprise security product segments that will bolster growth in 2019, according to Gartner, are integrated risk management software, data security, infrastructure protection, identity and access management and network security equipment.
The report also said that organisations continue to feel the pressure to find the right people with the right skills to grow their security teams, particularly given the 24/7 nature of security operations functions.
This ongoing skills shortage, in turn, is driving demand for security services, particularly security outsourcing, managed security services and security consulting, according to Gartner.
It estimated that the security services market in the country will grow from USD 885 million in 2018 to USD 1 billion in 2019, an increase of 13 per cent year on year.
"CISOs are increasingly concerned about the quality of security services currently available, creating an opportunity for new security services providers that can offer higher quality services," said Deshpande.

Disclaimer: No Business Standard Journalist was involved in creation of this content

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First Published: Aug 30 2018 | 6:30 PM IST

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