Cybersecurity has emerged as one of the top five highlighted areas of WEF

Rohit Sobti, Head Emerging & White Space Business-North & East India, Nepal & Bhutan- Fortinet

“Cybersecurity companies and organizations continue to talk about cybersecurity frameworks and its importance. Cybersecurity as a concept has always stayed and improvised over a period of time. But there are a lot of mature and respectable brands that do exist in the industry. A significant amount of investments are happening on cybersecurity platforms. As of now, India, of course, is the fifth largest economy and with possible architecture towards that, the GDP of the country is continuously growing. By that logic, cybersecurity is one framework that becomes of prime importance to our country or any organization, because, needless to say, financial transactions, corporate transactions, manufacturing setups, multiple denominations, are going crazily up day by day. There is a $2.5 billion worth of cyber security market that does exist in the cyber security framework within the country. Close to $84 billion new transactions happen every day, every year. This is the size of the cyber security space which is available to address. Approximately $10.5 trillion worth of market is going to go up from the past number of trillion in the cybersecurity space. The economic, social and the cultural conflict that will come into existence is going to be impacting this area of business. The cybersecurity space is eventually going to rise upwards. And by virtue of that, the need for making a smart network, smart ideologies and smart identification of the cyber security framework will be of prime importance.

The World Economic Forum has highlighted five very important areas that require immediate attention. Of course, there are transformational areas where weather conditions are deteriorating day by day. Interestingly, two of these five very important aspects are cybersecurity related. They were never there earlier, but in the last couple of years, cybersecurity has actually erupted in the top five world economic forum areas. This is really alarming. As a matter of fact, there are a total of 1008 unique cybersecurity brands that exist as of today, and because of that, people still do not know what to invest, where to invest and where not to invest. Priorities of an organization is something that an organization’s CTO or a CIO or CISO has to basically maintain and understand in the interest of the business. In the country as of today, per 1000 rupees spent on revenue in an organization, 1.6 rupees is spent per employee on cybersecurity. This is the cyber security spend ratio as of today. This might need some bit of attention, because going forward this is going to be changed.”