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Security budgets of Indian companies have tripled
Why is it in news?
- Indian companies are investing more on securing their data rather than pumping more money into technology as they try to build comprehensive solutions to prevent hackers from attacking their network.
More in news
- IT budgets are shrinking and security budgets are going up.
- Security investments or budgets in India have doubled or even tripled.
- There are now security departments under a chief information officer, chief security officer or a risk officer, which are being allocated a lot of budgets.
- IT budgets are shrinking because it is mostly pay-as-you-go model now, and there is less capital expenditure required.
- Also, overall costs are coming down.
- Here, the device cost may come down, but the need for building an overall solution which has more components, and upgrading it with more features and functionalities, that is on the rise.
- Global spending on information security products and services will reach more than $114 billion in 2018, an increase of 12.4% from last year, according to an August 16 report from Gartner, Inc.
- In 2019, the market is forecast to grow 8.7% to $124 billion. Privacy concerns, persisting skills shortages and regulatory changes such as EU’s Global Data Protection Regulation are the main drivers.
- A recent attack on Singapore Health Services (SingHealth) network compromised personal health records of 1.5 million patients in the island and reinforced the need to view sensitive data and IT systems as critical infrastructure.
Source
The Hindu