As a result of technical and cultural changes in industries following Covid-19, cybersecurity has taken centre stage. According to Gartner, enterprise information security and risk management end user spending in India is expected to reach $2.08 billion in 2021, up 9.5 percent from 2020.
“The overnight move to remote-working in reaction to the pandemic exposed organizations’ 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.”
At the virtual Gartner Security & Risk Management Summit India, Gartner analysts discussed how security and risk management leaders (CISOs) would advance their IT cybersecurity and risk strategy.
Organizations are projected to increase their spending on security and risk management across the board in 2021. Cloud protection and advanced risk management will rise at the fastest rates in 2021, up 251 percent and 27.8%, respectively, continuing a pattern from last year.
Shift to cloud drives triple-digit spending on cloud security
“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.”
Organizations are increasing their investment on cloud security solutions to handle these risks, pushing the market up 251.1 percent in 2021. In the cloud security segment, CISOs in India will increase their spending in 2021 on Cloud Access Security Brokers (CASB) and Cloud Workload Protection Platform (CWPP), among other technologies.
Furthermore, Indian CISOs and security leaders will concentrate on developing and deploying threat detection and response programmes and technologies, such as Endpoint Detection and Response (EDR), as well as moving to cloud-based security capabilities to ensure continuous security coverage whether operating from the workplace, home, or off-site.