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Indian cyber security firms are benefiting from the spike in cyber attacks triggered by covid.
This has also boosted company revenue and increased investor interest in cybersecurity startups. Market growth is driven by the increased use of technology among small and medium enterprises (SMEs) and even governments.
For example, Pune-based cyber firm Quick Heal Technologies reported a 49% rise in revenue in its corporate and government segment in the June quarter to ₹21.6 crore from ₹14.5 crore in the first quarter of fiscal 2022. Meanwhile, Chennai-based K7 Computing said its sales had doubled in the past 12 months. Although their clientele includes large enterprises, cyber security firms are seeing increased interest from small and medium-sized businesses, especially after covid, which has spurred a global shift to digitization. They have also seen interest from Europe and North America, although India remains their biggest market. Kailash Katkar, managing director and chief executive officer of Quick Heal, said Europe and Asia Pacific are leading the firm’s international growth, while K7 Computing is seeing traction in the Middle East and Southeast Asia, said J Kesavardhanan, founder and president.
“Most SMBs have faced cyber attacks in one way or another. They now understand the criticality of the cyber component. That’s why adoption has increased,” said Karmesh Gupta, co-founder and CEO of Gurugram-based cyber security company WiJungle.
According to an August report by the International Data Corporation (IDC), 74% of large enterprises in India have increased spending on cyber security. Government, banking and healthcare are among the sectors where spending increased. According to Kesavardhanan, the healthcare and education sectors have contributed significantly to the growth of cybersecurity firms.
Sujit Patel, MD and CEO of Mumbai-based cyber security and IT company SCS Tech, said the company has seen a 40% increase in demand for enterprise-level IT infrastructure, cyber security and data analytics in government and public sector undertakings (PSUs ). two years.
A developing market attracts the attention of investors. Cybersecurity startups in India raised $67.2 million from 24 deals between September 2021 and August 2022, compared with $27.9 million raised between September 2020 and August 2021, according to investment tracker Tracxn.