Over the last couple of years, all of us have become more digital – most of us willingly and some having to adapt – given the pandemic and how it has drastically changed the way we interact with the world at large. This has meant increasing digitaisation, with communication, information, work, entertainment all getting digital. Both for individuals, enterprises, and even government, round-the-clock digital life, has become the new reality.
The increased use of mobile phones, personal computers, and other devices has meant that a vast amount of data is being generated. The bulk of our information and financial transactions have moved online. That has also meant an opportunity for the bad guys. A 2020 estimate said that Indian enterprises might have suffered losses of more than Rs 1.25 lakh crore due to ransomware, malware, and other security breaches. Some have even paid ransom of more than $10 mn to hackers.
Therefore there is a growing awareness of the need for cybersecurity. India which has a robust software and services industry which this year would do exports of $150 billion has a slew of young, hungry, innovative start-ups in the cybersecurity space which are addressing this global challenge. Last year Indian companies generated $11 billion in revenues from cybersecurity with about 230 players in the space. India and India-based companies have the potential to emerge big on the global stage due to the wide-ranging engineering talent available here. In this conversation three cyber security players and the CEO of Data Security Council of India, join a virtual roundtable hosted by Venkatesha Babu, Chief of Bureau and Deputy Editor of HBL in partnership with Nasscom to discuss how India has the potential to emerge as a global powerhouse in the cybersecurity space.