By India Today Education Desk: TeamLease Digital, a specialised staffing division of TeamLease Services, has launched its latest research study titled “Cybersecurity: Securing India’s Digital Frontier”. The research study sheds light on the rapid growth and potential of the cybersecurity market in India, also addressing the mounting cyber risks faced by organisations spanning diverse sectors.
30% DEMAND-SUPPLY GAP
According to the research study, the cybersecurity market share is projected to reach USD 3.5 billion, with a projected compound annual growth rate (CAGR) of 8.05 percent by 2027. As of May 2023, the industry had approximately 40,000 open opportunities, indicating the growing demand for skilled cybersecurity professionals.
However, the demand-supply gap stood at 30 percent, projecting a major skill challenge in the industry.
The research study also reveals that global weekly cyber-attacks have increased by 7 percent to surpass 1,200 attacks per week, while Indian organisations experienced over 2,000 weekly attacks in Q1 2023, marking an 18 percent increase compared to the previous year.
The healthcare industry was a prime target, with 7.7 percent of attacks directed towards it.
Sharing his views, Sunil Chemmankotil, Chief Executive Officer, TeamLease Digital, said: “As India Inc. embraces digital infrastructures, the heightened vulnerability to cyber threats necessitates proactive measures. The prevalence of malware attacks, social engineering tactics, and other sophisticated cyber threats demands a comprehensive approach to safeguarding our digital frontiers”.
“By staying vigilant and resilient against emerging challenges such as AI-based attacks, IoT vulnerabilities, and metaverse cyber threats, we can fortify our digital landscape and pave the way for a secure and prosperous digital transformation,” he added.
“There were 40,000 jobs available as of May 2023, but the skill gap remains. There is an urgent need for upskilling the workforce and hiring qualified professionals,” Sunil further added.
“Amidst the growing demand for cybersecurity expertise, organizations are recognizing the critical importance of upskilling and investing in training programs. Upskilling in domains like Networking and System Administration, Cloud Security, Blockchain Security, Ethical Hacking and other key skills are in high demand,” added Krishna Vij, Business Head – IT Staffing, TeamLease Digital.
“As the industry faces a 30 percent skill gap in cybersecurity professionals, it becomes imperative for businesses to proactively strengthen their security systems through targeted training initiatives,” he added.
“By empowering professionals with the necessary skills, we can bridge the talent gap and bolster the resilience of our cybersecurity defences,” Vij added further.
EXPANSION OF DIGITAL TRANSFORMATION
The research study reveals that the rapid expansion in digital transformation has increased its vulnerability to cyber-attacks such as data theft and financial losses stemming from various use cases. used cases.
Furthermore, it addresses the challenges faced by India Inc due to lack of skilled professionals in this field. It also emphasises that India possesses the capability to take a leading role in developing state-of-the-art cybersecurity solutions by leveraging its robust and proficient workforce.