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IT security market set to grow 80% this year - The Economic Times
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Tuesday, September 24, 2002 | Updated at 17:07 hrs
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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.
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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.
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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.
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