One of the leading tech staffing firms, TeamLease Digital, has today 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 organizations spanning diverse sectors.
According to the research study, the cybersecurity market share is project to reach $3.5 billion, with a projected compound annual growth rate (CAGR) of 8.05% 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%, projecting a major skill challenge in the industry.
The research study also reveals that global weekly cyber-attacks have increased by 7% to surpass 1,200 attacks per week, while Indian organizations experienced over 2,000 weekly attacks in Q1 2023, marking an 18% increase compared to the previous year.
The healthcare industry was a prime target, with 7.7% of attacks directed towards it.
Sharing his views, Mr Sunil Chemmankotil, Chief Executive Officer, TeamLease Digital, said :
To effectively combat evolving cyber threats, the research study emphasizes the importance of upskilling the workforce with a broader range of cybersecurity skills.
Specializations in areas such as data privacy, cloud security, AI security, and network security are in high demand. Soft skills such as problem-solving, communication, teamwork, and collaboration are also essential in this field.
The top job roles identified in the research study includes IT auditor, Information Security analyst, Network/IT Security Engineer/Specialist, Security Testing/Penetration Tester, and Computer Forensics analyst, with a base pay ranging from 3 to 6 lakhs for 0-3 years of experience.
Moreover, senior and mid-level professionals with over 12 years of experience have the potential to earn an annual salary within the range of 50-80 Lakhs.
Ms Krishna Vij, Business Head – IT Staffing, TeamLease Digital Said :
According to industry reports, few critical sectors saw major impact from cyber-attacks:
- Healthcare: India ranks 11th in list of countries where healthcare sector is vulnerable to cyber-attacks. It witnessed 1.9 mn cyber-attacks in 2022. Average data breach cost in 2022 was 176 mn.
- Manufacturing: Ransomware accounted for 23% of cyber-attacks on manufacturing companies
- Government: India’s share in total cyber-attacks on govt. agencies increased to 13.7% in 2022 from 6.3% in 2021
- Financial Services: Indian banks reported 248 successful data breaches; 41 cases involved public sector banks, 205 were private sector banks, and two involved overseas banks
- Retail: 77% of retail organizations were hit by ransomware in 2021, up from 44% in 2020, the highest of all sectors and significantly more than the global average of 37%. The ransomware recovery cost in retail sector is $1.97mn which is above the global average $1.85 m
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 emphasizes 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.
About TeamLease Digital
TeamLease Digital is a subsidiary of TeamLease Services Limited, which specialises in providing Tech Staffing Solutions across industries.
TeamLease Digital has emerge as one of the largest IT Staffing & Solutions providers in the country and has hire 80,000+ professionals since its inception with 10,000+ consultants currently deploy with 200+ clients including some of the largest Fortune 500 customers and has 5,000+ open jobs every day.