Cyber-Security a $35-Billion Opportunity, to Create 1 Million Jobs: Nasscom

Increasing incidents of cyber-attacks and data protection efforts globally are expected to create $35 billion (roughly Rs. 2,32,909 crores) revenue opportunity and employment opportunities for about a million professionals by 2025 for India, IT industry body Nasscom said Monday.

"We estimate that cybersecurity is about $2.5-3 billion (roughly Rs. 16,635 crores - Rs. 19,962 crores) or about 2 percent of the close to $150 billion (roughly Rs. 9,981,46 crores) Indian IT sector. With the sector on track to reach $350 billion by 2025, we estimate 10 percent of this to be cyber-security," Nasscom Chair Cyber Security Task Force Rajendra Pawar said in New Delhi.

He added that this will create an employment opportunity for about a million people as well.

"Another important aspect will be startups. We expect to see about 1,000 startups coming up in this area. This is because these smaller companies are light footed and yet have the best of technologies. Also, there has been a lot of investor interest in this area as enterprises look to stay secured against rising incidents of cyber-attacks," he said.

Last year, Nasscom had set up the task force, aimed at positioning India as a global hub for providing cyber-security solutions, developing cyber-security R&D plan and developing a skilled workforce of cyber-security experts.

It had estimated the IT security market to be about $77 billion (roughly Rs. 5,12,362 crores) in 2015 and growing at over 8 percent annually. It had estimated demand for security workforce to rise globally to six million by 2019, up from 4 million in 2015, with projected shortfall of 1.5 million.

Nasscom, along with Data Security Council of India (DSCI) and security software firm Symantec, Monday launched the 'National Occupational Standards' for 10 cyber-security job roles, aimed at creating a pool of certified cyber security professionals in the country.

Symantec has also instituted scholarships to 1,000 women undertaking the cyber-security certification by SSC Nasscom.

"Building the next generation of cyber professionals is key to securing India's critical information infrastructure, battling cybercrime and making the Digital India initiative successful," Nasscom President R Chandrashekhar said.