20 Cyber hubs will be set up for research in future technologies with an investment of INR 3660 Crore.
Published Date | 2019 January 23
Indian Government initiated to establish 20 cyber security hubs; aims to grab a good chunk in Indian cyber security market with an investment of INR 3,660 Crore in coming years which will promulgate the cyber security market in India.India: The scope of new technologies is growing big, and for this purpose, Rs 3,660 crore budget set aside to set up 20 physical cyber centers called hubs for research in future technologies. Each hub will have a distinct focus. Most of these will be located in R&D and academic institutes to leverage the existing knowledge and infrastructure. “The first hub is expected to be set up by the next financial year,” said- Ashutosh Sharma, Secretary of the Department of Science and Technology (DST), Government of India. He added, "These hubs will work in the areas of machine learning, sensors, internet of things. Some will be sector-specific such as in agriculture, geo spatial technology and also proximate technologies such as 5G, supercomputing, quantum sciences, and many others. These will be like a mini-ministry which will be responsible for everything that happens in the country in every sector because it will work as an aggregator and custodian of the knowledge and activities in that area. All ministries from Railways, Water etc. need solutions and we will work for providing the solutions. I will also reach out to CII and FICCI to connect their member with startups to give them early direction and early vision about the market so they are not working randomly in whatever direction they choose. It will also give them assurance that there will be the buyer of their solution" According to BlueWeave Consulting, The growth in Cyber Security Market is driven by demand for cloud-based enterprise applications, growth in digitalization and IoT security spending, and the growing demand for security solutions for connected cars and connected healthcare services etc. In order to maintain data privacy, data confidentiality, cost utilization of business processes, cyber security would be prominent technology which can provide better solution through the application of Artificial Intelligence and software or big data analytics. It is also driven by rising number of government initiatives towards digitizing government sector entities and processes, technological advancement, enrolment of IOT in healthcare, BFSI, education and other vital sectors of the country. The growing popularity of digitalization has impacted organizations to rely on the digitized information increasingly like Sharing a vast amount of data in an external and internal environment as well across the globe has made organizations prey to cybercrime through the different forms of attack. Furthermore, the rising threats of cyber-crimes all over the world have given new emerging domains which can prevent cyber-attacks, such as cloud security, rapid adoption of cloud computing, data center, and wireless communication which can boost the cyber security market in the forecast period. According to recent report published by BlueWeave Consulting Titled, “Cyber Security Insurances Market [Service Type– Risk Management, Integrity, Forefront Portfolio, Third Party Liability And Others; Enterprise Size – Small & Medium Enterprises (Smes), Large Enterprises; Industry Vertical – Banking And Financial Services, Telecom And It, Government, Healthcare, Education, Manufacturing, Travel And Hospitality And Others– Global Industry Analysis, Size, Share, Growth, Trends, And Forecast, 2018 – 2026” The global cyber security insurance market was valued at US$ 3,329.0 Mn in 2016 and is expected to expand at a CAGR of 25.3% from 2018 to 2026, reaching US$ 32,543.6 Mn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the cyber security insurance market in 2016. Cyber insurance helps protect businesses against losses resulting from cyber-attacks or data breaches. Cyber insurance coverage can include data loss and restoration, extortion, legal fees, and more. Cyber security insurance increases and improves cyber security with the benefits of good security, and internalizing of the costs of poor security. There are many benefits that coincide with investing in insurance. According to upcoming report by BlueWeave Consulting Titled “India Cyber Security market by Security Types (Enterprises security, Network security), by Solutions (Risk and compliance management, Unified threat management (UTM)), by Deployment Type (Cloud, On-premises), by Industry Vertical (BFSI, Aerospace and Defense, Public Sector), by Region (North, South, West), Size and Forecast, 2019-2025”, The India Cyber Security market is expected to grow with a significant growth rate over the forecast period from 2019 to 2025. The key factors to grow this market are to prevent the private or organizational data which are becoming vulnerable day by day, because of increasing digitization give easily accessibility for example Internet. In era of digitalization, the government, public utilities, and enterprises are all now more showing dependency on the internet, wireless technologies, and cloud-based services for storing large volumes of data, instant processing, and retrieval of data. The public sector is one of the prominent end users of which is fueling the cyber security market growth, owing to the increasing cyber-attacks on state and federal agencies.