Security And Risk Management Spending In India To Grow 12% In 2024: Gartner
In 2024, cloud security spending in India is projected to record the highest growth: 28%.
Indian organisations are likely to increase their security spending in 2024 due to higher demand for digital platform and continuing remote work, according to Gartner.
The research and consulting firm forecast a 12.4% rise in security and risk management spending by end-users in the country to around $2.9 billion in 2024.
This is due to legacy IT modernisation using cloud technology, industry demand for digital platforms, updated regulatory environment and continuous remote/hybrid work.
“In 2024, chief information and security officers in India will prioritise their spending on SRM to improve organisational resilience and compliance,” said Shailendra Upadhyay, senior principal at Gartner. “With the introduction of stringent government measures mandating security breach reporting and digital data protection, CISOs are facing heightened responsibility in safeguarding critical assets against evolving cyber threats,” Upadhyay said.
In 2024, cloud security spending in India is projected to record the highest growth: 28%. The adoption of cloud and multi-cloud presents security challenges, causing an increased focus on cloud security by Indian organisations.
“The utilisation of multiple software as a service and infrastructure as a service cloud provider, along with accessing cloud from homes and other unmanaged locations due to hybrid work arrangements, has further emphasised the necessity for security controls, leading to an increase in cloud security spending,” said Upadhyay.
Spending on infrastructure protection is projected to grow 20.4% in 2024. This is driven by the expansion of both endpoint protection platform and security information and event management markets, which make up the majority of the infrastructure protection market.
Local organisations are seeking a comprehensive SIEM system, that can cater to their diverse security and business needs. Also, with the prevalence of remote work, organisations are increasingly using cloud-based EPP solutions that incorporate endpoint detection and response capabilities.
The emergence of generative artificial intelligence has disrupted the digital and business sectors in the last couple of years. While managing gen AI presents challenges, there are external factors to consider, such as regulatory concerns and the rapid adoption of cloud computing.
“Through ethical, safe and secure implementation of this technology, CISOs can improve the performance of their security functions and enhance organisational resilience,” said Abhyuday Data, director analyst at Gartner.
To enhance their organisation's cybersecurity programme in 2024, Gartner suggests CISOs in India must prioritise two cybersecurity trends.
Gen AI Transforming Cybersecurity Market
Gen AI introduces new attack surfaces, requiring changes to application and data security practices and user monitoring. Gartner predicts that by 2025, gen AI will cause more than a 15% incremental spend on application and data security.
According to Gartner analysts, organisations should conduct proof of concepts before incorporating gen AI into cybersecurity programmes. A policy for overseeing gen AI-based products must also be established to ensure that teams using the technology adhere to unified procedures.
Bridging Communications Gap With Cybersecurity Outcome-Driven Metrics
Outcome-driven metrics are important for creating a defensible cybersecurity investment strategy. ODMs enable SRM leaders to convey the value of cybersecurity investment beyond the importance of regulatory compliance.
“Organisations seeking an approach to measure cybersecurity value that resonates with executives and supports practical investment decisions must adopt ODMs,” said Data.
