India witness demand for 40,000 cyber security jobs
A sudden rise in cyber-attacks has led to high demand of cyber security jobs. The study reveals a rise in global weekly cyber-attacks with 1200 attacks per week.
Research and analysis on Cybersecurity
According to the research on cybersecurity, the Indian market is expected to reach $3.5 billion with an annual growth rate of 8.05 per cent by 2027. Further, a study by TeamLease Digital highlights the growing cybersecurity market in India across different sectors.
As par latest analysis of May 2023, there were around 40,000 job opportunities in the industry, indicating a high demand for skilled cybersecurity professionals. However, there is a significant skill gap of 30 per cent, posing a challenge for the industry.
The study also reveals the exceeding cyber-attacks globally. while Indian organizations experienced over 2,000 weekly attacks in Q1 2023, marking an 18 per cent increase from the previous year. The healthcare industry was particularly targeted, accounting for 7.7 per cent of the attacks.
CEO of TeamLease Digital, Sunil Chemmankotil, emphasized the need for proactive measures to address cyber threats as India embraces digital infrastructures. He highlighted the importance of comprehensive approaches to protect against malware attacks, social engineering tactics, and other sophisticated cyber threats. He also claimed that there is an urgency of upskilling the workforce and hiring qualified professionals to bridge the skill gap.
Best Areas To Specialise
According to the study, specializations in areas such as data privacy, cloud security, AI security, and network security are in high demand. Soft skills such as problem-solving, communication, teamwork, and collaboration are also essential.
Top Jobs in Cybersecurity
The study identifies top job roles in the field, including IT auditor, Information Security analyst, Network/IT Security Engineer/Specialist, Security Testing/Penetration Tester, and Computer Forensics analyst. Salaries for entry-level positions range from 3 to 6 lakhs per annum, while senior and mid-level professionals with over 12 years of experience can earn between 50-80 Lakhs annually.
The research study also highlights the impact of cyber-attacks on critical sectors:
Healthcare: India ranks 11th in vulnerability to cyber-attacks in the healthcare sector, with 1.9 million cyber-attacks reported in 2022. The average data breach cost was 176 million.
Manufacturing: Ransomware accounted for 23% of cyber-attacks on manufacturing companies.
Government: India’s share in total cyber-attacks on government agencies increased to 13.7 per cent in 2022 from 6.3 per cent in 2021.
Financial Services: Indian banks reported 248 successful data breaches, with public sector banks accounting for 41 cases, private sector banks for 205 cases, and overseas banks for two cases.
Retail: 77 per cent of retail organizations experienced ransomware attacks in 2021, higher than the global average of 37 per cent. The ransomware recovery cost in the retail sector was $1.97 million, above the global average of $1.85 million.
