India spending on security, risk management to grow 9.4% in 2022, Gartner

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, according to Gartner, Inc.

Gartner analysts are discussing how security leaders in India can secure the future, manage risks and build resiliency at the Gartner Security & Risk Management Summit, taking place virtually in India through today.

“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,” said Prateek Bhajanka, senior principal research analyst at Gartner. “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

Security and Risk Management End-User Spending for All Segments in India, 2021-2022 (Millions of U.S. Dollars)

Source: Gartner (March 2022)

“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,” said Bhajanka.

Cybersecurity will continue to be a top priority for Indian CIOs in 2022, as revealed in the 2022 Gartner CIO and Technology Executive Survey. 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 assume breach mindset because security incidents are inevitable in the current era,” said Bhajanka “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, Indian security and risk management leaders will need to revisit their approach to network security with a focus on technologies such as zero trust network access (ZTNA) for context-based security. They need to envision the future of network security in the cloud.”

CT Bureau