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IT security market set to grow 80% this year - The Economic Times 1 of 2 Tuesday, September 24, 2002 | Updated at 17:07 hrs http://www.skoch.in/itsec.htm Search in Advanced search Submit Query Indiatimes > The Economic Times > News By Industry > Infotech > Software Home News Companies Economy International Business Politics/Nation News By Industry · Auto · Cons. Products · Energy · Finance/Insurance · Healthcare/Biotech · Ind'l Goods/Svs · Infotech · Hardware · Software · Internet & Online · Media/Entertainment · Services · Telecom · Textiles · Transportation ET Headlines Markets Stocks Forex Debt/Money Commodities Money Matters Mutual Funds Insurance Savings Centre Loan Centre Tax Centre Opinion Editorial Letters to Editor IT security market set to grow 80% this Bad year PRAGATI VERMA TIMES NEWS NETWORK [ TUESDAY, SEPTEMBER 24, 2002 2:03:00 AM ] NEW DELHI: It’s not just the Americans; even Indians are getting fussier about security. IT security market in India is outpacing others in the Asia Pacific, including China, Korea and Singapore. And vulnerability of Indian IT infrastructure to Pakistani hacker attacks, coupled with high government spending as well as in banking and financial industry are the key drivers. Indian IT security market is estimated to grow at a whooping 80% this year, compared to a growth rate of about 30% for the Asia pacific market, according to an Asia Pacific network management study. Nearly 80% of Indian companies have reported breaches in 2001-02 compared to 60% in 2000-2001, says another PwC-CII study. India ranks among the top five in the list of e-commerce security breaches, says another KPMG study. The overall size of the Indian IT security market is expected to grow to $37.8 million in 2002 up from $21 million in 2001 — a growth of whopping 80% and thus constituting 9% of the Asia Pacific security market, according to a recent Skoch study of AP network management market. Rapid computerisation in Indian banking and financial services industry (BFSI), dependence on software exports ($7.2 billion in 2001 going up to $50 billion by 2008), private competition in telecom market (value-added services becoming key differentiator), heightened government and PSU spending, vulnerability of Indian IT infrastructure to Pakistani hacker attacks are key drivers for the network security market in India. Service providers and the small and medium enterprises have to build systems to secure their operations.“While the clients in the US are quite insistent on a disaster recovery and business process continuity program to be in place with their Indian vendors, even the basic network security in most organisations is found lacking,” says, Sameer Kochhar, CEO, Skoch.Consultancy Services. Magazines The Sunday ET Investor's Guide Brand Equity Corporate Dossier ET Travel Strategic Marketing Gen. Mgmt. Review Times b2b For NRIs India on Mobile Remit2India Services ET Portfolio Tracker ET Shoppe Bill Pay Archives Transact Medianet Request (Invalid URL) Indian enterprises have come a long way in realising the implications of lacking well defined network security frame policies and now seem to finally putting some money behind this realisation. According to a recent PwC-CII study on network security nearly 80% (respondents) of Indian companies had reported breaches in 2001-2002 compared to 60% in 2000-2001. ET SHOPPE Supply Chain & Logistics 2002 Buy now Other products IT Enabled Services Buy now Healthcare 2001-2002 Buy now Nasscom McKinsey Report Analysis Buy now INVESTING TOOLS Predictably, financial services companies are keener to improve their security systems, as many as 93% of them rate security as high priority. Another study by KPMG points out that the total cost of computer crimes over the last five years was $10 billion globally and India ranks among the top five in the list when it comes to e-commerce security breaches. How much is your money earning? Find out BSE NOTICES COMMENTS ON THIS ARTICLE No comment has been posted for this article yet. Read the day's announcements. Click here E-Commerce Auctions Shopping 5/15/2009 4:25 PM IT security market set to grow 80% this year - The Economic Times 2 of 2 Classifieds Travel Booking http://www.skoch.in/itsec.htm QUOTES & RESEARCH MUTUAL FUND SEARCH TOP About the Publisher | For reprint rights: Times Syndication Services Copyright © 2002 Times Internet Limited. All rights reserved. | Terms of Use | Feedback | Sitemap 5/15/2009 4:25 PM