India can aspire to build a cyber security product and services industry of USD 35 billion by 2025, generating a skilled workforce of one million in the security sector, in line with the booming global demand, a report by Nasscom-Data Security Council of India today said.
The global cyber security market is expected to reach about USD 190 billion by 2025 from USD 85 billion currently, driven primarily by increasing digitisation wave and smartphone penetration, it said.
“For India to become a global cyber security hub, a list of 16 initiatives has been formulated by NASSCOM-DSCI. These initiatives vary in terms of priority and should be pursued within the next five years,” DSCI CEO Rama Vedashree said.
These include strengthening policy and regulations, developing skilled manpower, enhancing R&D and innovation, formation of clusters and funding startups working on cybersecurity solutions, she added. “An evaluation of global cyber security clusters shows that policy and financing incentives along with opportunities for skill development emerge as pivotal factors,” she said.
These clusters have contributed immensely to the development of the cyber security industry in the respective countries and are important to promote growth of cyber security startups and SMEs as well, Vedashree said.