Cybersecurity services market share in India 2021, by sector

As per a study conducted in 2021, the primary contributor to the services segment of the Indian cybersecurity market was the banking and financial services sector, controlling 36 percent. Meanwhile, healthcare accounted for five percent of the segment's revenue earned that year.

Cyber security in banking

  With the rise of online and mobile banking, cyber threats in the banking sector inevitably rose. The model that implemented selective digitization of customer services before the onset of the coronavirus pandemic proved inadequate. The need for managing large, complex data, along with protecting it has led to a pressing demand for a cyber security workforce world over.

Policy and infrastructure support

  Banking and finance remain one of the most highly regulated sectors, with the resources to invest in cyber security. Additionally, the Indian government, along with several of the industry’s regulatory boards, was in the process of setting up a Computer Emergency Response Team (CERT) for the finance sector specifically. Initiatives like the Digital India project, the growing reach of the Pradhan Mantri Jan-Dhan Yojana for financial inclusion, and the rising number of fintechs combined create an urgent need to secure the digital sphere.