Security Risk Management is the key challenge faced in 2021

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Security Risk Management is the key challenge faced in 2021

Security Risk Management is the key challenge faced in 2021.

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    Work-From-Anywhere Culture, Hybrid and Virtual-First Workplaces is going to Drive Spending on Cloud Security and Integrated Risk Management, with this the End-user spending on security and risk management in India is forecast to total $2.6 billion in 2022, an increase of 9.4% from 2021, as per Gartner. Hybrid or remote working is the new normal in 2022. Some organizations have even shifted to a virtual-first approach following the learnings from 2020. This model of working puts the spotlight on cloud, endpoint and identity security as employees become the ‘branch of one’ for an organization. Gartner research shows that there is a significant shortage of skilled cybersecurity professionals. Therefore, end-user organizations in India often engage with security service providers to meet their cybersecurity objectives. As a result, spending on security services is forecast to total $1 billion in 2022, the highest among all segments. This will be followed by spending on network security equipment and infrastructure protection.

    COVID-19 was a pivotal moment in the way organizations approached risk or prepared for disruptions. Now, security leaders are putting risk management at the center of their security and business strategies. Cybersecurity will continue to be top priority for Indian CIOs in 2022 and out of the total CIOs in India surveyed, 64% said they will increase their spending on technologies related to cyber and information security in 2022, higher than the global average of 57%. Indian leaders responsible for security and risk management need to adopt an assumed breach mindset because security incidents are inevitable in the current era,” said Gartner. They should prioritize spending on building detection and response capabilities, and not just technologies. This will help them reduce time to detect and time to recover from incidents. In 2022, I

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    The increase in adoption of digitalization, cloud applications and the rise in remote workers exposes Indian organizations to greater security risks. In addition, growing concerns on the rising number of ransomware attacks coupled with stringent government measures on digital data protection and security breach reporting are pressing chief information security officers (CISOs) to increase their security and risk management spending for 2023.


    End-user spending on security and risk management in India is forecast to total $2.65 billion in 2023, an increase of 8.3% from 2022, as per Gartner. Security Services to remain a Key Spending Priority for Indian CISOs in 2023.


    Like 2022, security services will remain the segment that will achieve the highest levels of end-user spending in India in 2023. Security services spending is expected to represent 40% of overall end-user spending on security and risk management products and services in 2023.

    Secondly, many organizations in India lack in-house security capabilities, and as result, they engage security consulting and IT outsourcing companies to meet their requirements.

    In 2023, spending on infrastructure protection will surpass spending on network security equipment because of an increase in the remote workforce and in cloud applications adoption. Both are shifting focus from network security to endpoint security, which is a sub-segment of the infrastructure protection segment, forecast to grow 13.5% in 2023.

    In addition, cloud security end-user spending in India is forecast to experience the highest growth rate among all the other segments in 2023. The segment is projected to grow 25.8% in 2023 as Indian organizations increasingly switch to cloud workloads and applications.

    Going forward, as organizations in India continue to do business online and are exposed to more attacks on their internet-connected applications, CISOs must focus their spending on a

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