Efforts towards improving cyber security will also create a $25 billion (nearly Rs 1.66 lakh crore) revenue opportunity in India by 2025, the IT industry body said.
“Another important aspect will be start ups. We expect to see about 1,000 start ups coming up in this area. This is because these smaller companies are light footed and yet have the best of technologies. Also, there has been a lot of investor interest in this area as enterprises look to stay secured against rising incidents of cyber attacks,” Nasscom Chair Cyber Security Task Force Rajendra Pawar said.
“We estimate that cybersecurity is about $2.5-3 billion (Rs 16,631.9 crore to Rs 19,958.3 crore) or about 2% of the close to $150 billion (nearly Rs 9.97 lakh crore) Indian IT sector. With the sector on track to reach $350 billion (nearly Rs 23.3 lakh crore) by 2025, we estimate 10% of this to be cyber security,” he said.
In 2015, Nasscom had set up the task force, aimed at positioning India as a global hub for providing cyber security solutions, developing cyber security R&D plan and developing a skilled workforce of cyber security experts.
It had estimated the IT security market to be about $77 billion (nearly Rs 5.12 lakh crore) in 2015 and growing at over 8% annually.
It had estimated demand for security workforce to rise globally to six million by 2019, up from 4 million in 2015, with projected shortfall of 1.5 million.
Nasscom, along with Data Security Council of India (DSCI) and security software firm Symantec, on Monday launched the ‘National Occupational Standards’ for 10 cyber security job roles, aimed at creating a pool of certified cyber security professionals in the country.
Symantec has also instituted scholarships to 1,000 women undertaking the cyber security certification by SSC Nasscom.
“Building the next generation of cyber professionals is key to securing India’s critical information infrastructure, battling cybercrime and making the Digital India initiative successful,” Nasscom President R Chandrashekhar said.