Vishal Salvi, Chief Information Security Officer, Infosys, in an interaction with Moneycontrol, said, “There is so much happening in this space that it is as much as a risk as a business opportunity.”
Cybersecurity may have always been a major risk managed on priority by IT majors, but growing opportunities in the space lately have led companies to sit up and take notice. Leading IT companies such as Infosys, TCS, Wipro and HCL Technologies have begun investing significantly in cybersecurity segment.
In an interaction with Moneycontrol, Vishal Salvi, Chief Information Security Officer, Infosys said: “There is so much happening in this space that it is as much as a risk as a business opportunity.”
Until recently, cybersecurity grew organically as a part of infrastructure services for the company. However, it has now been developed into a separate vertical thanks to growing market opportunities.
“In the last 4-5 quarters, the company has been growing it as a separate vertical. It will be a key focus area going forward. It is very important and a focus area for everyone at the leadership board and for us to drive cybersecurity. This is not just because of the business opportunity but also because of potential value that we can add to our customers,” he added.
According to a report by CSO Online, a security analyst platform, it is hardly surprising that cybersecurity is gaining sharp focus as a vertical. The business focus on cybersecurity has indeed increased, the report said, as industry-focused threats are on the rise and growing connected environment with the advent of IoT making systems more vulnerable for attack.
All these provide a huge business opportunity for growth to IT majors, consulting firms and platform developers. According to a report by Global Market Insights, the global cybersecurity market is set to grow from its current market value of $120 billion to $300 billion in 2024 propelled by the increasing need among enterprises to minimise security risk.
This is evident in the growth and investment the companies are making in recent times. Though Salvi of Infosys did not disclose how much the company is investing, he said cybersecurity vertical is growing at the rate of 25-30 percent year-on-year and the company is stepping up its cybersecurity infrastructure.
This includes establishing cyber defence centres, investment in technology, talents and training. Infosys has three cyber defence centres in India and is planning to open one in Europe and the US in the coming months.
HCL Technologies earlier said the company is doubling its investments in cybersecurity space. It recently opened CyberSecurity Fusion Centre (CSFC) in Texas, which offers end-to-end cybersecurity solutions for enterprises and is bullish on the growth.
TCS and Wipro too have a huge focus and are one of the key players in the cybersecurity management consulting space, according to a market report.
While the opportunities are huge, getting the right talent is a challenge. According to a report, demand for cybersecurity professionals has tripled in the last year. There are 15,000 open positions for cybersecurity professionals spanning different industries, the report stated. To overcome the skill gap some companies such as Infosys are training talent in-house, there is not enough to meet the demand.NASSCOM’s cybersecurity wing in partnership with Microsoft had launched ‘CyberShikshaa’ to skill women in this space.