Cyber security market share in India 2020, by sector

According to the results of a survey, the banking and finance sector made up the largest share within the cyber security market in India in 2020. The country’s defense sector, on the other hand, accounted for only three percent during the same period.

Cyber security in banking

  With the rise of online and mobile banking, cyber threats in the banking sector inevitably rose. The model that implemented selective digitization of customer services before the onset of the coronavirus pandemic proved inadequate. The need for managing large, complex data, along with protecting it has led to a pressing demand for a cyber security workforce world over.

Policy and infrastructure support

  Banking and finance remain one of the most highly regulated sectors, with the resources to invest in cyber security. Additionally, the Indian government, along with several of the industry’s regulatory boards, was in the process of setting up a Computer Emergency Response Team (CERT) for the finance sector specifically. Initiatives like the Digital India project, the growing reach of the Pradhan Mantri Jan-Dhan Yojana for financial inclusion, and the rising number of fintechs combined create an urgent need to secure the digital sphere.