Managing risks: Businesses bet big on IT security

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Updated: September 27, 2019 7:02:29 AM

Enterprise information security spend in India to grow 12% in 2019: Gartner

Prateek Bhajanka, principal research analyst at Gartner

Enterprise information security spending in India is on pace to total $1.86 billion in 2019, an increase of 12.4% from 2018, according to Gartner. “The growth of enterprise spending on information security in India will continue to grow unabated to reach over $2 billion in 2020,” said Prateek Bhajanka, principal research analyst at Gartner. “The increased awareness on the benefits of risk assessment and the acknowledgment that security is one of the enablers of digital transformation are boosting enterprise security spending in India. In addition, the rise in advanced cyberattacks, ransomware and malware attacks has put cybersecurity as a top investment priority for Indian CISOs, therefore increasing spending on security locally.”

Recently, the firm described how security and risk management leaders (CISOs) can advance their IT security and risk strategy at the Gartner Security & Risk Management Summit in Mumbai. “Local CISOs and security leaders are investing in advanced threat detection programs and capabilities like endpoint detection and response (EDR) and user and entity behaviour analytics (UEBA) to help detect attacks and breaches in their IT infrastructure,” said Bhajanka.

Security services will attract the most spending from CISOs and security leaders in 2019 as local organisations are emphasising on threat detection, compliance and security hygiene. In 2019, security services will represent 51.5% of the total enterprise information security spending in India.

Enterprise spending on cloud security is expected to total $4 million in 2019, an increase of 300% from 2018. “The Personal Data Protection Bill which is likely to be accepted by Parliament in 2019 and initiatives like ‘Digital India’ and ‘Smart City’ are increasing net-new adopters of cloud. In addition, Indian organisations are increasingly using cloud-specific security tools such as cloud access security broker (CASB) solutions for threat prevention, data loss prevention and compliance requirements, which is fueling the tripe-digit growth of cloud security in India,” said Rustam Malik, principal research analyst at Gartner.

In 2019, integrated risk management solutions will be the second fastest growing segment. “The move to digital business is also forcing CISOs to increase their spending on managing risks arising from cyberattacks and non-compliance,” said Bhajanka.

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