Cybersecurity firms reap spike in demand

NEW DELHI : Indian cybersecurity firms are taking advantage of the surge in demand caused by the sharp rise in cyberattacks.

This has also boosted companies’ revenue and fueled investor interest in cybersecurity startups. The growth of the market is driven by increased use of technology among small and medium enterprises (SMEs) and even governments.

For example, Pune-based cybersecurity firm Quick Heal Technologies posted 49% growth in revenue in the corporate and government segments in the June quarter. 21.6 crore words 14.5 crore in Q1 FY2022. Meanwhile, Chennai-based K7 Computing says its revenue has doubled in the past 12 months. Although their customer group includes large enterprises, cybersecurity companies are seeing growing interest from SMEs, especially after covid has driven the transition to digitization globally. They also see interest from Europe and North America although India remains their biggest market. Kailash Katkar, CEO and Managing Director of Quick Heal, said Europe and Asia Pacific are leading the company’s international growth, while K7 Computing is seeing traction in China. East and Southeast Asia, said J Kesavardhanan, founder and president.

“The majority of SMEs have faced cyberattacks in one way or another. They now understand the importance of the cyber component. As a result, adoption has increased,” said Karmesh Gupta, co-founder and CEO of WiJungle, a cybersecurity company based in Gurugram.

According to an August report from International Data Corporation (IDC), 74% of large enterprises in India have increased spending on cybersecurity. Government, banking and healthcare are among the sectors where spending has increased. According to Kesavardhanan, the healthcare and education sectors have contributed significantly to the growth of cybersecurity companies.

Sujit Patel, MD and CEO of Mumbai-based IT and cybersecurity firm SCS Tech says the company has seen a 40% increase in demand for enterprise-grade IT infrastructure, cybersecurity and data analysis in government and public sector engagements (PSUs) over the past two years.

The booming market is attracting the attention of investors. According to investment tracker Tracxn, cybersecurity startups in India raised $67.2 million in 24 deals between September 2021 and August 2022, compared with 27.9 million dollars raised between September 2020 and August 2021.

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