The demand for cybersecurity professionals in India will rise by 200 per cent by 2024.
After cybersecurity became one of the main worries of CEOs a year ago, demand for Chief Security Officers and other security professionals has risen by more than 100 per cent in 2021, according to Kingsley Gate Partners, a worldwide executive search firm.
Technology has now permeated every aspect of an organisation, to the point that it has never happened previously. According to the firm, new methods of organising workflows and efforts to guarantee business continuity have just made these organisations more susceptible to cyber assaults.
It has led to an astounding rise in security breaches. Global businesses are beefing up their security to prevent them. As a result, we see a hundred per cent increase in demand for CSO and other cybersecurity jobs in India and throughout the world.
In today’s environment, cybersecurity expenditures and R&D have both skyrocketed worldwide. In the market, there is a new job title: CSO.
Due to heavy reliance on technology, businesses are under pressure to become future-proofing organisations that focus on data, communications, business, product knowledge, security, and technical expertise. It has prompted CEOs to recognise the necessity for an expert to monitor, evaluate, forecast and protect their firms from cybersecurity risks.
We also realise that every organisation nowadays is reliant on information technology, and in this era of information technology, there are numerous cyber-attacks taking place worldwide. As a result, the Indian government has decided to invite students from other countries to assist India to improve its cyber security.
In 2021, India will require 70,000 people with vital skills such as application development security, cloud security, risk management, threat intelligence and incident response. Although we still lack adequate personnel in cybersecurity.
The cybersecurity services industry in India is expected to grow from $4.3 billion in 2019-20 to $7.6 billion in 2022 as per DSCI. Source
Let’s look at the seven reasons why India needs more cyber security professionals in 2021.
1. The number of individuals utilising digital gadgets is increasing at an exponential rate.
The number of smartphone users has surpassed billions. The majority of these devices store a lot of personal and confidential information. Even televisions, security cameras, and air conditioners are connected to the Internet thanks to the IoT’s growth. Due to this, attackers can gain access to the data more frequently. They also have greater opportunities to execute their plans since they now have access to a larger number of people.
2. Increasing amounts of financial transactions are being conducted online.
The epidemic has caused an increase in real-time financial transactions across the world. India, with 41 million transactions each day, is the planet’s top nation. The worldwide total of financial interactions may be larger. According to the RBI, digital transactions could reach Rs 15 trillion a day by 2025 as cyberspace becomes increasingly vulnerable to malicious assaults due to an increase in real-time financial activities. Source
The algorithm has become the new prey for crooks, with so much financial data becoming a target. It’s more convenient to commit an economic crime using the Internet than credit card fraud or skimming. As a result, more qualified and experienced cybersecurity professionals are required to deal with the ever-increasing quantity of monetary frauds and phishing scams.
3. Several laws and rules govern data security.
Because of an increase in dangers, many businesses and industries are increasing security protection for their servers and technological assets. Corporate governance is already regulated to a certain extent. Governments worldwide are now moving forward and developing a uniform structure for cybersecurity. As a result, many skilled experts are needed to comprehend issues from a governance and compliance standpoint and put them into action.
4. National security is highly dependent on cybersecurity.
The contemporary world is not only a battle zone. Governments are increasingly involved in cyberwars, social engineering, and other advanced types of threats. Much sensitive data is now kept digitally, and opposing nations use this to damage each other. Because they know that sabotaging the data infrastructure and stealing critical information may do more damage to a country than war, governments worldwide are growing more cautious. As a result, governments worldwide are hiring more cybersecurity experts to protect themselves against this type of cyberattack.
5. Inadequate security precautions are a problem.
With many outdated software and security systems, hackers can quickly discover holes and intrude into your home. Such softwares are inefficient and prone to failure. Many of these programs are obsolete and vulnerable. Many of these security concerns remain, although they are more than 20 years old. As a result, there are numerous security flaws, and cyber attackers have no trouble stealing or misusing critical data.
6. Many new users are using the Internet.
Many people in both generations are aware of the dangers of internet use. Many businesses offer formal training to their employees to keep data and systems safe from potential harmful assaults and hackers. However, billions of other users are skilled at using the Internet but don’t follow online safety guidelines.
Most of the senior citizens might be unaware of the newest strategies to secure their computers. Similarly, many children may not have the necessary knowledge to utilise a secure method. These cases raise the chances and make it simpler for attackers to carry out their activities. More cybersecurity professionals would assist in preventing such attempts at an earlier stage.
7. Cybercrime is growing.
Cybercrime will be the fastest-growing type of crime in future. According to Cybersecurity Ventures, global cybercrime costs are expected to rise by 15% each year over the next five years, reaching $10.5 trillion USD annually by 2025.
As a result, there are greater chances for expert cybersecurity professionals to earn more and help protect their organisations against these harmful types of attacks. Being in such high demand means that they will always have greater opportunities in the job market compared with other typical jobs.
Cybersecurity professionals are expected to see a significant rise in demand over the next few years. The reasons mentioned above help us understand why our nation so desperately needs these experts. However, there is a significant talent deficit, and it’s past time more organisations offered expert courses in cybersecurity. Employers also must work together with high-quality curriculum providers to develop highly specialised cybersecurity experts in India.
Technology is evolving, and due to lack of knowledge, people commit wrong acts, but if we have increased cyber security specialists, we can only control cybercrimes.
If you have any other reasons why India needs more Cyber Security Specialists, please feel free to share them with us.